Breaking: Gold and Silver Plunge as Hot Inflation Crushes Rate-Cut Hopes
Gold and silver are selling off sharply Tuesday, but the "$1 trillion wipeout" figure
The actual numbers:
🔹 Spot gold fell over 2%, trading around $4,043–$4,060/oz
🔹 Spot silver dropped roughly 3%, sitting near $51.70–$51.90/oz
🔹 This follows a brutal stretch: gold is roughly 26% below its January high, silver down about 56% from its peak
Why it's happening:
October CPI came in hotter than expected—headline 0.4% m/m vs. 0.3% forecast, core 0.3% vs. 0.2% expected . Fed Governor Waller responded hawkishly, saying he supports a December hike and is open to 50 basis points if inflation keeps accelerating . Markets are now fully pricing a 25bp hike, with growing bets on a larger move .
The "$1 trillion" claim:**
That figure traces back to reporting on a historic gold plunge that erased **$1 trillion from global gold reserve values—but the original source appears to reference a past selloff, not today's session . Today's move is severe, but calling it a "$1 trillion wipeout today" is inaccurate without verified data supporting that specific number for November 10.
Bottom line: Precious metals are under real pressure from a hawkish Fed and sticky inflation. But if you post the trillion-dollar figure, you risk credibility.
#Gold #Silver #PreciousMetals #Fed #CPI #Inflation #RateHike #Macro #Trading #BinanceSquare #Crypto #BTC
Gold and silver are selling off sharply Tuesday, but the "$1 trillion wipeout" figure
The actual numbers:
🔹 Spot gold fell over 2%, trading around $4,043–$4,060/oz
🔹 Spot silver dropped roughly 3%, sitting near $51.70–$51.90/oz
🔹 This follows a brutal stretch: gold is roughly 26% below its January high, silver down about 56% from its peak
Why it's happening:
October CPI came in hotter than expected—headline 0.4% m/m vs. 0.3% forecast, core 0.3% vs. 0.2% expected . Fed Governor Waller responded hawkishly, saying he supports a December hike and is open to 50 basis points if inflation keeps accelerating . Markets are now fully pricing a 25bp hike, with growing bets on a larger move .
The "$1 trillion" claim:**
That figure traces back to reporting on a historic gold plunge that erased **$1 trillion from global gold reserve values—but the original source appears to reference a past selloff, not today's session . Today's move is severe, but calling it a "$1 trillion wipeout today" is inaccurate without verified data supporting that specific number for November 10.
Bottom line: Precious metals are under real pressure from a hawkish Fed and sticky inflation. But if you post the trillion-dollar figure, you risk credibility.
#Gold #Silver #PreciousMetals #Fed #CPI #Inflation #RateHike #Macro #Trading #BinanceSquare #Crypto #BTC
