Analyst sends blunt message as gold, silver reach multiyear highs

The myth of gold and silver as safe havens is dead. Despite their recent run, metals are now tracking the S&P 500 as risk assets rather than hedging against volatility. We are likely seeing a multiyear high—a classic "pump-then-dump"—where crowded bullish bets are about to unwind violently. If equities slide, gold and silver will follow them down, proving they offer no real protection when markets get rocky. Are metals still a hedge, or just another stock market proxy?
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