Spot gold falls 2.0% to $4,058.05/oz; silver drops nearly 4%

The scale of silver's drop relative to gold points to a risk-off unwind in the higher-beta precious metal rather than a uniform repricing of the monetary hedge, a distinction that matters for anyone reading the two as a single trade. Both metals moving sharply lower in the same session suggests a common driver, likely positioning or macro repricing, rather than metal-specific supply news. Whether silver keeps underperforming gold, or the ratio mean-reverts, is the open question worth tracking.