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If it seems to you like most financial assets have done nothing but go down this month, you’re right. A perfect example of this pattern is the price of Gold. The SPDR Gold Trust (GLD) has had an intraday high and low that was lower than the intraday high and low of the previous day on each of the last eight trading days (shaded area in chart), and there has only been one day this month (8/4) when GLD had a higher high and higher low relative to the previous day. August has been a one-way street, and the direction has been south.

What makes the current streak notable is that in the trading history of GLD dating back to late 2004, there has never been a longer streak of daily lower highs and lower lows. There have been three prior periods where GLD had lower highs and lower lows for seven straight days, but with yesterday’s decline, GLD’s current streak is now in a league of its own.

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