Gold down 4%, silver off 5% today as the 10-year Treasury yield hits a fresh 19-year high.
The math is brutal: $1.2 trillion in combined market cap just evaporated.
When real yields spike this hard, precious metals get crushed. Investors are choosing 5%+ risk-free over storing value in shiny rocks.
This is textbook flight to safety—just not the kind gold bugs expected. The safety trade right now is locking in Treasury yields, not hedging with metals.
If the 10-year keeps climbing, expect more pain in commodities across the board.
The math is brutal: $1.2 trillion in combined market cap just evaporated.
When real yields spike this hard, precious metals get crushed. Investors are choosing 5%+ risk-free over storing value in shiny rocks.
This is textbook flight to safety—just not the kind gold bugs expected. The safety trade right now is locking in Treasury yields, not hedging with metals.
If the 10-year keeps climbing, expect more pain in commodities across the board.
