Gold Down 8.5% in Sept, Silver -13.5% as Real Yields 'Re-Price Fast' - BullionVault
Gold Down 8.5% in Sept, Silver -13.5% as Real Yields 'Re-Price Fast' - BullionVault
Source: BullionVault
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DW NOTE
Gold fell 8.5% in September and silver 13.5% as real yields spiked following the Fed's first rate hike since 2023. The metals are selling off into a supply shock: oil transit through Hormuz remains at 1% of normal, inventories are draining at 3 mb/d, and the deficit is running at 6% of GDP. When hard assets decline during a crisis that should send them higher, the message is forced liquidation or a credit event no one is discussing yet.