Today is one of those days that will be referenced for 50+ years.

A near $10 trillion swing in precious metals market cap over 24 hours.

Silver plunged more than 35% to $74 before rebounding toward $82, marking its largest intraday drop ever recorded.

Gold also corrected by more than 12%, falling to around $4,700 after hitting record highs above $5,500.

The move follows an overextended rally, driven by dollar weakness, inflation hedging, and heavy speculation. The reversal mainly reflects aggressive profit-taking amid rising macro uncertainty.

The key catalyst was the nomination of Kevin Warsh to lead the Fed, seen as a more hawkish signal on rates, pushing US yields higher (10Y around 4.25%) and lifting the dollar.

This move represents a cleanup of speculative excess. Expect high volatility in the short term, while the pullback could offer healthier entry points if macro conditions stabilize. #PreciousMetalsTurbulence