Recent commentary suggests gold and silver are “dumping,” but current price behavior doesn’t fully support that claim. What we’re seeing looks less like a breakdown in precious metals and more like a volatility shock driven by crypto-market liquidations. Silver in context: Silver has held up relatively well compared to high-beta assets. Traditional spot markets move slowly by design, while tokenized silver instruments reflect sentiment faster. Those signals point to consolidation, not panic selling, and fundamentals remain intact. Macro & sentiment backdrop: Markets are operating under extreme fear. In these conditions, assets that aren’t rallying are often perceived as failing. Historically, defensive assets tend to move sideways while leveraged risk unwinds aggressively elsewhere. The crypto spillover effect: Recent crypto liquidations wiped out billions in leverage, triggering forced selling and emotional contagion across markets. Past cycles show this doesn’t immediately weaken gold or silver it often reinforces their stabilizing role once volatility fades. My take: Rather than reacting to headlines, I’m watching whether capital rotates from leverage into preservation. If fear persists, precious metals may benefit quietly rather than explosively. Risk note: This is not financial advice. Market correlations can shift quickly during stress events.