Good morning - let’s get into it.

The last two sessions in metals were extreme enough to raise a legitimate question.

Is this the end of the rally and the usefulness of metals as a hedge?

Gold fell roughly 9%.

Silver fell roughly 26%, violently enough to immediately undermine confidence across the metals complex.

It seemingly happened out of nowhere, the kind of move that often gets mistaken for the big break.

When metals move this fast, the instinctive explanations are familiar:

  • Someone important must be selling

  • A macro regime must be shifting

  • The trade must have been crowded and unwinding

  • Market manipulation

Each of those would carry serious implications, not just for gold, but for how portfolios should be positioned going forward.

And yet, when you check the data that normally confirms those explanations, ownership, participation, and positioning tell a very different story than the price action.

In The Crown Macro Letter, I break this down in full:

  • What actually mattered (and what didn’t) in this selloff

  • The pressure that built up beneath the surface before the move

  • How leverage, options, liquidity, and risk controls converged (with all the juicy data)

  • Why the online chatter and media narrative completely miss the point

  • The level that matters for gold from here and decisive portfolio takeaways

logo

Unlock to read The Crown Macro Letter

Every Monday. Macro analysis, trade setups, and positioning.

Unlock Now

Subscribing gets you:

  • Complete trade setups with entries, exits, and risk levels
  • Deep analysis, charts, and proprietary research
  • High-conviction opportunities explained in plain English
  • Early warnings on leadership shifts and cycle turns
  • One avoided mistake more than pays for the subscription

Keep Reading