Precious Metals Pummeled

Precious metals have been clubbed like a bay seal this morning with Gold down 4%…

Silver is doing even worse, down almost7%…

A little context is useful…

Meanwhile, we note that silver’s dramatic underperformance came at critical support levels against gold (at the 80x ratio that has been significant for years)…

Additionally, relative to crypto, gold had got back to a key resistance level (that acted as serious support for the BTC/Gold ratio twice before – the election and liberation day)…

On the ‘bright’ side, this decline has dragged gold and silver back from perilously overbought levels…

UBS traders say that the next level to watch is the Oct. 15 low at 4165, before 4095/4100 which held on dips on Oct. 14; then it is the 4060 level which briefly capped the advance on Oct. 8/9.