Good morning - let’s get into it.
The last two sessions in metals were extreme enough to raise a legitimate question.
Is this the end of the rally and the usefulness of metals as a hedge?
Gold fell roughly 9%.
Silver fell roughly 26%, violently enough to immediately undermine confidence across the metals complex.
It seemingly happened out of nowhere, the kind of move that often gets mistaken for the big break.
When metals move this fast, the instinctive explanations are familiar:
Someone important must be selling
A macro regime must be shifting
The trade must have been crowded and unwinding
Market manipulation
Each of those would carry serious implications, not just for gold, but for how portfolios should be positioned going forward.
And yet, when you check the data that normally confirms those explanations, ownership, participation, and positioning tell a very different story than the price action.
In the Pro Edition of Crown Macro, I break this down in full:
What actually mattered (and what didn’t) in this selloff
The pressure that built up beneath the surface before the move
How leverage, options, liquidity, and risk controls converged (with all the juicy data)
Why the online chatter and media narrative completely miss the point
The level that matters for gold from here and decisive portfolio takeaways
Upgrade to Pro to read the rest.
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