Gold and silver have been doing well for months. Then, almost overnight, the rally cracked. Last week saw one of the sharpest pullbacks in precious metals in decades, alongside fresh weakness in Bitcoin. Is this just volatility or could it mean something deeper?

This week, Jane Parry is joined by a returning Tom Hibbert, Chief Investment Strategist, to unpack what triggered the sudden sell-off.

Together they discuss:

• Why gold and silver saw historic one-day falls

• How higher margin requirements amplified the sell-off

• What Kevin Warsh’s expected appointment as the US Federal Reserve (Fed) Chair signals for markets

• Why Bitcoin is struggling to live up to its ‘digital gold’ reputation

• Why the long-term case for metals may remain intact.

Tom explains how a more hawkish Fed narrative disrupted the ‘currency debasement’ trade that has powered metals higher, but why structural concerns around US fiscal policy still support holding gold and silver in diversified portfolios.

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