Sure seems to me that the Iran war has seriously damaged the precious metals market, for whatever reasons. Every time there is an acceleration of war we get sold off. In the long run war causes inflation we all know that and that should help us, but in the short term other factors and the algos can really hurt us.
If Russia really starts getting beaten, maybe with the help of the EU forces (such as they are) then they are likely to use tactical nukes, to start with. Then who knows where it goes from there! Peace with Russia is so important and now with Merz seemingly making a 180 on much of the EU policies then it becomes much more a possibility. Fingers crossed, Z must get in line!
Cheers