We just watched an unprecedented shock ripple through traditional safe-haven markets.

In a single session, more than $7 trillion in value evaporated across precious metals, marking one of the most violent drawdowns the sector has ever seen.

Silver collapsed 31%, erasing roughly $2 trillion in market value.

Gold $XAU slid 11%, wiping out nearly $5 trillion.

Platinum dropped 20%, losing about $200 billion.

Palladium fell 16%, shedding around $85 billion.

This wasn’t a routine correction, it was a structural reset. A market long viewed as defensive suddenly behaved like a high-beta risk asset, exposing how leveraged, crowded, and macro-sensitive metals trading has become.

Friday won’t just be remembered for the numbers, it will be remembered as the day the “safe haven” narrative was seriously questioned.