In 2008 when Bear Stearns was Bailed out by the US government, the world knew we were in a big recession. Despite this gold/silver prices made a huge drop in the following months. This drop in prices goes against what People would expect gold/silver to behave during a financial crisis. Acording to this article the reason goldprices fell in the start af the 2007/2008 recession, is that the banks had spend all their money, then they borrowed gold and dumped it in the marked to make money to keep the banks from going bankrupt. When the banks dumped all the borrowd gold in the marked, prices fell because supply exeeded demand. After the 2007 recession the laws have changed, demanding that banks should have more funds to keep them above water if a new recession sets in. Therefore some say that when the next recession sets in, we will not se a drop in gold/silver prices, like we did in 2007/8 because the banks Are better financially ready to meet a new financial crisis. https://www.goldrepublic.com/news/why-gold-prices-fell-in-2008
Another story I've heard is that big business keeps Gold in the safe for crashes,so it can cover calls on their bad bets on a crash.
they took over Bear stearns, post the trades books transfer on the market, and in a way engineered the plunged...before hand they front run 200x and on the way up..they did 200x with all the rip offs money, hence we saw the greatest bull market in 2009 till today...the most hated bull market
Don't know what's the reason for gold to fall then but I won't discount a possibility that gold will still fall this time in the event of a really hard landing (whatever the possibility maybe). It is for the same reason I speculated early this year why I thought gold will rise - Chinese and Indian safe haven buying due to trade war, but if things get really bad, there will be offloading of the newly purchased gold just like what happened in 1997-1998.
It fell because most of the global market is in the hands of a just a few mega corporations ... https://www.researchgate.net/publication/51761051_The_Network_of_Global_Corporate_Control