Precious metals have fallen sharply from their 2025 highs as markets price in Fed rate hikes. Gold has dropped 28% from its January 2025 peak of $5,600 per ounce, while silver has fallen more than 50% from its record high near $120. Bitcoin has gained roughly 30% against gold and 55% against silver since February, though all three assets continue to lag U.S. equities Markets are pricing in two 25 basis point rate hikes by March 2027. Gold and silver have both retreated sharply from their Januar…
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