Recently, I reviewed the history of gold and discovered that the market has experienced five major crashes. Interestingly, each time was driven by a different economic story behind it.

The first was from 1980 to 1982, when gold prices plummeted by 58.2% in just two years. At that time, the U.S. was trying to control inflation, and the oil crisis was beginning to subside, leading to a decreased demand for safe-haven assets. Gold was no longer being bought impulsively.

Then, from 1983 to 1985, gold prices fell again, dropping to 41.35% in 1985. The global economy had entered a more stable phase, with developed countries gradually recovering, reducing global risks. Everyone was less worried, so gold was no longer as hot as before.

Jumping to 2008, from March to October, gold was heavily hit with a 29.5% decline. At that time, the mortgage crisis was erupting, followed by the European crisis, with capital flowing out of all safe assets. Additionally, the Fed began raising interest rates, putting pressure on gold from all sides.

The fourth crash lasted from 2012 to 2015, with gold prices dropping by 39%. Remember the 80-ton gold scam in 2013? After that event, large capital flows into stocks and real estate, making gold suddenly less attractive. Investment demand weakened, and prices kept falling.

The last one on the list was in 2016, with gold prices decreasing by 16.6% in just six months. At that time, investors expected the U.S. to raise interest rates, and the global economy was growing quite rapidly. People started selling gold to seek other opportunities.

Now, another historical milestone is emerging. With recent political upheavals, are we entering the sixth decline in gold prices? Time will tell.