Currently, something very strange is happening in the precious metals market:

In just 3 hours, the market capitalization of gold and silver has decreased a combined total of $2 trillion.

Meanwhile, oil prices have erased all gains for the day and US stock market futures are nearly flat.

Since the Iran conflict began, such reversals in oil and stock markets have almost always pushed gold prices higher.

So what just happened?

Unusual price swings could be a sign that a major company in this sector potentially faces liquidation.

More importantly, the continuous rise in 10-year bond yields, currently at 4.40% and up +45 basis points in 3 weeks, is beginning to put pressure on many different asset classes.

Combined with fatigue from sensational news and "dry spots" lacking liquidity on the market, massive bid-ask spreads in both directions are only increasing.

A major event is unfolding in the precious metals market right now.