An active conflict is currently unfolding in the Middle East, contributing to a landscape of significant economic and geopolitical instability. At the same time, Oil prices are steadily approaching the $120 threshold. When you combine this with an employment market that had already begun to cool down prior to the war, the likelihood of a recession is now steadily increasing from previously moderate probabilities.

Curiously, even with all of this surrounding chaos, the market values of both Gold and Silver are plummeting. Leaving aside the expected unwinding of speculative positions and the reversals of capital flows, is there anyone who might be able to shed some light on the underlying forces truly driving this specific market reaction?