The Everything Pullback

2026-02-07 02:05:00 ET

Silver and gold, silver and gold, sang Burl Ives as the Claymation snowman Sam in Rudolph the Red-Nosed Reindeer (apologies, sort of, for the earworm). Anyone who bought silver and/or gold a couple of weeks ago is probably not singing a merry tune this week, as the price of these precious metals commenced a precipitous plummet last Friday that has continued into this week. The gold bugs can at least take comfort in the fact that they’re not alone. A wide swath of folks, from crypto enthusiasts to lovers of software-as-a-service companies and hyperscale AI titans, are feeling an unusual amount of pain as financial markets have shifted into an abrupt reverse. Yes, the S&P 500 is up in early morning trading today (heaven only knows where it will be by the time you are reading this). But the sentiment is edgy, to say the least. The CBOE VIX index, popularly known as Wall Street’s fear gauge, is back above 20, signaling a high degree of skittishness among market participants....

Read the full article on Seeking Alpha

For further details see: