Looking at the chart above showing gold and silver declining over the course of 2026, you wouldn’t think that the world is going to hell in a handcart. Instead, gold and silver prices are reflecting declining risk, in ignorance of the facts. Currently, the opportunity for the shorts to bash precious metal prices is created by a pause in the increase in bond yields reducing the fear factor, while oil prices head moderately higher.
The yield on the 10-year US treasury note has backed down in what looks like a normal correction, encouraged by minor portfolio reweighting from equities, which are visibly struggling:
