What triggered the sell-off in precious metals that had been thriving for most of 2025? Some point to the de-escalation of geopolitical tensions in the Middle East and the easing of the US–China trade conflict. Others blame excessive speculative demand or doubts about further Fed rate cuts, which strengthened the US dollar. But could there be a deeper cause? Could silver be hinting at it? Before reaching its October record above $54 per ounce, silver was outperforming gold. Global demand had outpaced supply for four consecutive years, reducing London inventories by one-third since 2021. Rumors of US import tariffs ... (full story)