The next time somebody tells you to own gold because it “has no counterparty risk”, show them this chart because the counterparty risk is there, all right. When deeply margined instos and funds get that margin call, they dump gold to raise dollars. When enough of them do it at the same time, you get a chart like this one:
The good news is that this phase doesn’t last long and gold is moves up strongly in phase two. Remain calm about viruses and markets.
PS: To answer a reader, silver will not rebound anywhere near as much or as fast as gold.