🚨 Gold, Silver and Bitcoin are all selling off. > XAU futures fell below $4155, 🔴 -3% > XAG futures fell below $62, 🔴 -5% > BTC fell below $83K There are 3 main drivers: 1️⃣ Oil is keeping Fed hike bets alive Higher oil prices are keeping inflation risks elevated. Markets are now pricing roughly a 65–70% chance of another 25bp Fed hike in October. 2️⃣ 5% Treasury yields are pressuring Gold & BTC US 2Y and 10Y yields recently reached around 4.9% and 5.2%. Higher risk-free rates raise the opportunity cost of holding non-yielding gold, while tighter financial conditions put pressure on Bitcoin. 3️⃣ BOJ hike bets add to deleveraging pressure Japan’s 2Y yield is nearing 2% as markets price further BOJ tightening. Higher Japanese rates make cheap yen funding less attractive, adding to global deleveraging pressure. Gold and Bitcoin are both highly liquid assets, making them natural sources of cash when investors deleverage. #Gold #Silver #Bitcoin