Gold and silver just delivered a stark reminder that even the strongest rallies can unwind violently when positioning becomes crowded. In this week’s report, we break down what triggered the abrupt reversal from record highs, how forced deleveraging amplified the move, and what the reset may signal for the broader precious metals cycle.

“If you catch 100 red fire ants as well as 100 large black ants, and put them in a jar, at first, nothing will happen. However, if you violently shake the jar and dump them back on the ground the ants will fight until they eventually kill each other. The thing is, the red ants think the black ants are the enemy and vice versa, when in reality, the real enemy is the person who shook the jar.