Gold and silver remain under considerable pressure as the Middle East war continues to trigger a broad macro economic shock across global markets, forcing investors to reprice inflation, rates, growth, and liquidity conditions simultaneously. After many months of strong outperformance, both metals have become vulnerable, not because their strategic case has fundamentally changed, but because they had become crowded longs at a time when investors suddenly needed liquidity. Equity markets have been selling of amid rising growth concerns as funding costs and bond yields surge amid mounting inflation concerns following ... (full story)