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The sell-off in gold and silver today didn't come out of nowhere. The news situation for the precious metals has changed little – the impulse rather came from the broader market pullback, which apparently forced some market participants to sell in order to create liquidity or reduce risks. As I noted earlier this week, there is currently a noticeable amount of speculative capital and emotionality in both markets. This is what makes them susceptible to rapid, disproportionate downward movements as soon as risk appetite shifts. I continue to bet...
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