Is it about to get way worse for gold?
Bullion is down 5 percent in a week, breaking below the $1,180 level where gold futures had found support to hit a four-year low. And according to Mark Dow, what we're now witnessing is the second phase of the gold bubble collapse.
"2011 was the first phase of the gold bubble unwind. We consolidated for the past year. And it looks as though we're starting the second and more difficult phase of the unwind of the bubble," Dow said Tuesday on CNBC's "Futures Now."
As Dow explains it: "Gold benefited significantly in the post-crisis period from the monetary policy story. But a lot of fears in the monetary policy phase have proven unfounded."