Gold and silver reversed sharply on Thursday, with the usual narrative quickly emerging that rising US Treasury yields and a stronger dollar were to blame. Perhaps. But that explanation feels a bit like sticking a finger in the wind and hoping. When I checked the correlations over the past week, there was no meaningful relationship to speak of. The same was true for energy futures and volatility measures. Another explanation may be far simpler: profit taking. Even after the mammoth unwind seen in late January, plenty of traders and investors are still sitting on large unrealised gains in the metals complex. If losses ... (full story)