Gold fell 3.4% in a single day, an unusually sharp move compared with its long-term daily performance. Since 2006, the metal has recorded an average daily change of +0.05% and a standard deviation of 1.19%. The decline produced a Z-score of -2.90, placing it in the extreme left tail of the return distribution. The Kobeissi Letter estimated that a move of this size has an approximately 0.2% chance of occurring under a normal distribution, or roughly once every two years, and said surging U.S. Treasury yields were delivering an unusual shock to precious-metals markets.