[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fgJ-AAMi569ly0J__GPLnieh95uDIWUv51-IDQQAg2aI":3},{"data":4},{"id":5,"newsletter_list_id":6,"split_tested":7,"authors":8,"slug":10,"title":11,"created":12,"enforce_gated_content":7,"free_content_html":13,"meta_default_title":11,"platform":14,"hidden_from_feed":7,"displayed_date":6,"content_tags":15,"audience":14,"thumbnail_url":16,"subject_line":11,"subtitle":17,"email_capture_popup":18,"status":19,"publish_date":20,"meta_default_description":21,"web_url":22,"preview_text":17},"post_e24772ef-0d52-498f-b1c7-37529b7f33a5",null,false,[9],"Nicholas Crown","why-metals-fell-and-what-this-means-for-your-portfolio","Why Metals Fell and What This Means for Your Portfolio",1769808406,"\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Good morning - let’s get into it. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">The last two sessions in metals were extreme enough to raise a legitimate question.\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">Is this the end of the rally and the usefulness of metals as a hedge?\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">Gold fell roughly \u003C\u002Fspan>\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:700;\">\u003Cb>9%\u003C\u002Fb>\u003C\u002Fspan>\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">.\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">Silver fell roughly \u003C\u002Fspan>\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:700;\">\u003Cb>26%\u003C\u002Fb>\u003C\u002Fspan>\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">, violently enough to immediately undermine confidence across the metals complex.\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">It seemingly happened out of nowhere, the kind of move that often gets mistaken for the big break.\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">When metals move this fast, the instinctive explanations are familiar:\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cdiv style=\"padding-bottom:12px;padding-left:37px;padding-right:27px;padding-top:12px;\">\u003Cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\">\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> Someone important must be selling \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> A macro regime must be shifting \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> The trade must have been crowded and unwinding \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> Market manipulation \u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"color:rgb(0, 0, 0);font-weight:400;\">Each of those would carry serious implications, not just for gold, but for how portfolios should be positioned going forward.\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> And yet, when you check the data that normally confirms those explanations, ownership, participation, and positioning \u003Cb>tell a very different story than the price action.\u003C\u002Fb>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cdiv id=\"in-the-crown-macro-letter-i-break-t\" style=\"padding-bottom:4px;padding-left:15px;padding-right:15px;padding-top:16px;\">\u003Ch3 style=\"color:#2A2A2A;font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif;font-size:20px;font-weight:normal;line-height:1.25;margin:0;text-align:left;\">In The Crown Macro Letter, I break this down in full:\u003C\u002Fh3>\u003C\u002Fdiv>\u003Cdiv style=\"padding-bottom:12px;padding-left:37px;padding-right:27px;padding-top:12px;\">\u003Cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\">\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> What actually mattered (and what didn’t) in this selloff \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> The pressure that built up beneath the surface before the move \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> How leverage, options, liquidity, and risk controls converged (with all the juicy data) \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> Why the online chatter and media narrative completely miss the point \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\">\u003Cb>The level that matters for gold from here and decisive portfolio takeaways\u003C\u002Fb>\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fdiv>","both",[],"https:\u002F\u002Fbeehiiv-images-production.s3.amazonaws.com\u002Fuploads\u002Fasset\u002Ffile\u002F980105d5-f364-4ef2-94f5-784adc74bbf4\u002Fcrown_macro_cover__6_.png?t=1769879668","The break wasn’t the point. The buildup was.",true,"confirmed",1770030012,"A deep metals selloff raised real questions. This note breaks down the forces behind the move and what it means for portfolio construction and hedging.","https:\u002F\u002Fletter.nicholascrown.com\u002Fp\u002Fwhy-metals-fell-and-what-this-means-for-your-portfolio"]