Gold and silver were having a fairly quiet week until Thursday (February 12), when both precious metals experienced steep drops early in the day. The gold price, which had been steady above US$5,000 per ounce, and even briefly breached US$5,100, tumbled by over US$100, bottoming out around US$4,900. Meanwhile, silver sank from above US$80 per ounce to below US$75. Market watchers have presented various reasons for these declines, with a mainstream talking point being that the precious metals were moving in line with the broader stock market. Thursday brought declines in major US indexes as investors reportedly reacted to concerns that various industries could be negatively impacted by AI automation. Of course, with gold and silver it’s always possible that there’s more going on beneath the surface. Many of our popular YouTube channel guests reacted to this week’s price drop on X, with some, including Willem Middelkoop and Craig Hemke,…
