What happened was very much a selloff and everyone was wondering when it would come. The boost in gold and silver had become so overstretched and without there being anything obvious to drive moves of that scope other than just sheer momentum. There had been all those pictures come that video footage of people queuing up around the world to buy gold, physical gold, and it felt like the market was sort of doing the same thing. Everybody was just queuing up to buy gold. Even if you might think that you expect gold over the next year or so to move higher, you would be telling yourself it can keep on going up like this, and sure enough it stopped going up and it came crashing down. There's plenty of signs that people decided to take some of the money off the table that they had already made, which makes a lot of sense.

I think so. It's a return of the concerns that had swirled for a while earlier this year about how markets in general had become overvalued and that at some stage are going to get a pullback because it's hard to justifty everything unless you accept that AI is going to deliver massive profits. So amongst all that you had your concerns and the momentum question is the question in markets because as Anthony was pointing out, that was the biggest negative factor, it's been the weakest driver this week or the S&P, but at the same time it is still the biggest positive driver year to date. So a lot of investors are on edge to see where the momentum is going to go on being their friend or if the virtuous cycle of ever higher stocks is going to turn into a vicious one where a little bit of selling begets more selling.