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Gold in One Night Falls Below 4,500; Silver Plunges 4%; “Interest-Free Assets” Get Beaten Up Together
Last night, it wasn’t just the crypto market that got smashed by Woosh’s broadside—gold and silver went down too.
Spot gold closed down 2.95% to $4,453.67 per ounce, breaking directly below the 4,500 level and marking its worst single-day performance since early June. Even worse was the intraday move: gold was up nearly 1% at one point. After Woosh took the stage, it suddenly dumped—classic “catching the falling knife” action at high levels.
Silver was even harsher. It crashed 4.16%, closing at $66.33 per ounce. Earlier it had still been up more than 2%—in just over an hour, it gave it all back.
Why did gold—“the king of safe havens”—crack? Because last night’s hawkishness from Woosh was textbook-level. Bloomberg calculations: measured by the immediate increase in the two-year U.S. Treasury yield, it was the most hawkish Jackson Hole speech since 2009—more aggressive than the two remarks from Powell in 2022 and 2023. The two-year U.S. Treasury yield closed at 4.356%, a one-month high. The 30-year yield moved back above 5.2%, the highest level since 2007. The U.S. dollar index rose 0.5%.
The logic is simple: gold doesn’t pay interest—when interest rates are higher, the opportunity cost of holding gold rises. One level deeper: this round of gold’s rally was driven by a “depreciation trade” fueled by the surge in “U.S. Treasury holdings above $40 trillion plus the Treasury’s buyback/repurchase program,” with the market betting that the Fed would coordinate with the Treasury to suppress yields and, in effect, ease policy. The result: Woosh stated directly that financial conditions are not tight, and that he mainly manages prices. The core assumption behind the depreciation trade was immediately disproven.
Gold and Bitcoin fell together last night—that was the signal: the market shifted from “betting on currency depreciation” to “betting on Fed rate hikes.”
Can the “safe-haven” story of gold still be told? Or is this round’s real safe haven only cash and short-term Treasuries? #1688家族family $BNB $SOL
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Solana (SOL) is making a strong comeback this week, jumping more than 20% and pushing back above the important $100 level. After spending months under pressure, this move has brought fresh excitement and confidence back to the Solana community.
The $100 mark is more than just a number. It is an important psychological level, and holding above it could give buyers even more confidence. If SOL continues to show strong momentum and healthy trading volume, we could see the market start looking toward higher levels.
That said, crypto markets can move very quickly. After a strong rally like this, a pullback would not be surprising. I think the key thing to watch now is whether SOL can stay above $100 rather than simply touching it and falling back below.
For me, this is an interesting moment for Solana. The next few days could tell us whether this is the beginning of a bigger recovery or just another short-term pump.
What do you think comes next for SOL? Are you holding, taking profits, or waiting for a better entry? $SOL
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