Look, I am not pretending these last two days haven’t been ugly. Watching silver and gold take a beating like this absolutely sucks. The pain is real, and pretending otherwise is not helpful.
That said, a little perspective goes a long way. Games are not decided by one bad play or one ugly quarter, and markets are no different. Volatility may feel like meaning in the moment, but more often than not it is just motion. Sentiment is far more finicky than fundamentals, and right now sentiment is clearly having a temper tantrum.
Zoom out for a moment. A couple of years ago, PM enthusiasts were being laughed at for suggesting that silver could ever be near $100 or that gold could trade above $5,000. The fact that we are now treating those levels as some kind of entitlement says more about human psychology than market reality.
Yes, drawdowns hurt. Yes, weak hands get shaken out. Yes, narratives flip faster than facts. But unless something materially changed in the underlying reasons you were bullish on precious metals in the first place, this bumpy stretch is not a verdict. It is just a rough chapter.
Take a breath. Maybe it’s time for a halftime break to grab some orange slices and a Capri Sun. There is still a lot of game left, and long games are never smooth.
