Gold and Silver Miners Slide as US Core Inflation Runs Hot

The move is a rates story rather than a metals-demand story: hot core inflation revived December hike odds, lifting yields and pressuring the non-yielding complex, and silver's outsized drop relative to gold shows the higher-beta, more industrial-linked metal taking the brunt. Miners amplify this because their earnings are levered to the metal price, so an index at its lowest since August reflects margin expectations, not operational news. The open question is whether the December hike pricing holds or fades with the next inflation print.