The following from Bloomberg this evening jibes with the notion that indeed the recent rally in precious metals owes itself, to some degree, to the proverbial safety trade — as I suggested in Wednesday's video.
“News that Tehran may seek to de-escalate tensions with the US through Turkey-hosted talks spurred traders to unwind haven bids they’d placed in case Trump ordered fresh strikes on Iran. Gold and silver reversed hard due to the crowded nature of those trades. That may have sparked fears too that this was the reversal everyone was waiting for in the frantic precious metals rally.”
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