Silver Round-Tripped a 6.8% Shock in Nine Days. Real Yields Did It, Not Inflation.

Silver closed at $67.28 on September 9, before a drone strike shut Saudi Arabia’s largest oil pipeline. Nine days and one Fed hike later, it is almost back. Most coverage credits fading inflation fear. The Federal Reserve’s own data disagrees: breakevens fell while real yields rose 22 basis points.

The Long Bond Hit a 19-Year High. Inflation Expectations Didn’t Move.

The 30-year Treasury yield hit a 19-year high while inflation expectations barely moved. That gap explains why gold fell 1.1%, and why the reason it fell strengthens the long-term case.