Something very strange is happening in precious metals right now: In just 3 hours, gold and silver just erased a combined -$2 TRILLION in market cap. Meanwhile, oil prices have erased their gains on the day and US stock market futures are nearly green. Since the Iran War began, such a reversal in oil and equities has almost always sent gold prices higher. So, what just happened? The sporadic moves in price could signal that a potential large player in the space is being liquidated. But more importantly, the persistent move higher in the 10Y Note Yield, which is now at 4.40% and up +45 bps in 3 weeks, is beginning to weigh on various asset classes. Combine this with headline fatigue and "pockets" of illiquidity in the market, and the massive gaps to both directions are only growing. Something big is happening metals markets right now.
