Gold is declining because it is overbought. It is overbought because people were afraid that the Fed would run printing presses at full power (figuratively speaking), devaluing the dollar. It wouldn’t be anywhere near $1000 if not for “investors”. Natural supply-demand equilibrium price (without the likes of GLD adding 200 tons of gold to their vaults every year) is most likely below $750.

75 bp cut and wording of the recent meeting press release change these expectations.

BTW did you see what’s happening to agricultural commodities? DBA and RJA are down 15% in a week.