Fast money heading for the exits

One thing we’ve learned over the years as investors is that markets always come with a tidy explanation after the shift has already happened. The sharp pullback in gold and silver over the last couple of days is a good example: was it speculation around Kevin Warsh as a potential next Federal Reserve Chair, option expiries, temporary dislocations between physical and synthetic markets, higher margin requirements, or simply leverage being forced out? Probably a mix — and the truth is that we rarely get a single clean driver in real time. Two comments from our side: first, the “debasement trade” narrative is still alive. Fiscal dominance, politicisation risks, and the search for stores of value have not disappeared. Second, fundamentally, the case for both metals remains supportive: tight supply, resilient demand, and export controls still shaping flows in parts of the market. Finally, some perspective: despite the drama, we are “only” giving back a portion of the 2026 gains so far. Both gold and silver remain up year-to-date. However painful it is, here it is mainly some fast money running for the exits.