It’s shaping up to be another rough day for fans of precious metals, especially silver.
More broadly, silver and gold have been getting poleaxed in recent weeks and months.
Sam Ro earlier posted a chart from Credit Suisse, which explains that there are two driving factors.
One is that the fear of Armageddon is fading (which they express by showing declining sovereign debt yields in Spain and Italy).
The other is that interest rates are normalizing, and coming out of their ultra-low crisis level. Ultra-low interest rates diminish the appeal of holding currency, and boost the appeal of gold. Reverse that, and the appeal of gold goes away.
Those two charts explain it all: