Post #15569

Metals Are A Roller Coaster Silver just came off an extreme move — ripping more than 10% in a single session to tag $83, before pulling back to around $72, a ~9.5% retracement. Both metals pulled back as traders locked in profits near record highs, while a slight easing in geopolitical risk reduced immediate safe-haven demand. Comments around potential progress in Ukraine peace talks took some premium out of gold in particular. Zooming out, the bigger trend hasn’t changed. Gold is still up roughly 70%+ on the year, supported by softer Fed expectations, dollar weakness, geopolitical risk, and central bank buying. Silver continues to outperform, up ~180% YTD, driven by supply constraints, industrial demand, and its designation as a U.S. critical mineral. Markets are now watching the Fed’s December meeting minutes. With two rate cuts priced next year, the macro backdrop remains supportive for non-yielding assets — but any hawkish surprise could trigger further short-term volatility. - Alan