History doesn't repeat itself, but human greed always seems to rhyme. 1️⃣ 1979-1980: The most spectacular bull market for precious metals, with gold soaring from $200 to $850 and silver from $6 to $50. The macroeconomic scenario was an oil crisis plus hyperinflation. Result? Two months after peaking, gold halved, and silver fell by two-thirds, followed by a 20-year freeze. 2️⃣ 2010-2011: After the subprime crisis, liquidity clearly drove gold to $1921, and silver once again challenged the $50 mark. The scenario changed to a post-subprime crisis monetary easing frenzy. Result? Gold retreated 45%, silver plummeted 70%, and then entered years of gradual decline and sideways trading. 3️⃣ 2024-2026: This time it's different? The story is much more compelling now: global central banks are buying up stocks, de-dollarization is underway, silver is a necessity in industry… Central bank support has become the last vestige of faith for this generation of bulls.

It does look a bit like 1980. The shape is similar, and even the US-Iran conflict is somewhat similar.

The slaughter has already begun today.

Such a large drop in one day is truly historic.