The precious metals market has spent the past several months undergoing a sharp reset. Following an explosive rally that took gold, and not least silver, to fresh record highs, both metals have since corrected - not because their long-term fundamentals have materially weakened, but because the macro backdrop has shifted abruptly in the wake of the Iran war. Rising energy prices, a stronger dollar, firmer inflation expectations and a renewed higher-for-longer view on US interest rates have together created a more challenging short-term environment for non-yielding assets. Gold has fallen to a three-week low, with ... (full story)