How a single tech heavyweight managed to pull the rug from under gold and global markets

Group 1 - The recent selloff in the metals market, particularly gold and silver, has paused, with both metals showing positive performance [1] - JPMorgan and other financial institutions are defending the fundamentals of gold, suggesting that commodities and real estate are outperforming stocks, bonds, and cash [1] - UBS strategist Joni Teves noted that the clearing of short-term speculative positions provides an opportunity for long-term investors to increase their gold holdings at lower price levels [2] Group 2 - Joachim Klement from Panmure Liberum expressed concerns about potential international contagion in markets due to overstretched investors, particularly following a significant drop in Microsoft shares [4][5] - The initial drop in Microsoft shares led to a 7.7% decline in gold prices and a 4% drop in bitcoin, indicating a broader market reaction beyond the tech sector [6] - Klement highlighted that cash balances in U.S. margin accounts are at all-time lows relative to margin debt, suggesting that many investors are over-leveraged in their investments, particularly in metals [7]