With risk assets looking fatigued after a breakneck rally over the past few weeks, and with reversal signals starting to trigger across FX and US rates markets in the wake of stubbornly high energy prices, precious metals appear vulnerable to a deeper unwind, threatening to break the uptrends that have been in place for weeks. The key signal from the past week is that both gold and silver continue to trade with strong inverse relationships to US yields and the dollar, although that linkage has softened slightly from the extremes seen earlier. In contrast, the inverse relationship with energy prices has reasserted ... (full story)