Today's drop in gold prices was highly unusual.

Gold prices fell -3.4% today, marking one of the rarest single-day declines of the last two decades.

Since 2006, gold has recorded an average daily change of +0.05%, with a standard deviation of 1.19%.

Today’s selloff registered a Z-score of -2.90, placing it deep in the left tail of the distribution.

Statistically, a daily decline this extreme occurs just ~0.2% of the time, or roughly once every 2 years assuming a normal distribution.

The surge in yields is creating an extraordinary disruption across the precious metals market.