Gold’s decade-long bull market has turned into a bear market rout. The price of the precious metal fell below $1,400 an ounce on April 15, reaching a two-year low. Losses are now some 26% since the record close in August 2011, with (as the chart shows) the plunge being precipitous over the past couple of trading days. The fall has been so far and fast that fundamentals alone — central banks starting to unwind quantitative easing, indebted euro zone countries selling reserves — may not explain it. We wonder if a large and leveraged investor might have been caught in a massive squeeze. Is there a “Golden Whale” yet to be revealed?