Core Viewpoint - The "Hard Asset Super-Cycle" of 2025 faced a significant correction due to profit-taking and easing geopolitical tensions, leading to a sharp decline in the metals market [1] Metals Market Summary - Gold prices fell approximately 4.5% to around $4,345, down from an all-time high of $4,550, with the SPDR Gold Shares ETF (NYSE:GLD) decreasing by 4.4% [2] - Copper prices decreased by about 4% to $5.54/lb ($12,421 per tonne), retreating from the $13,000 mark, while shares of the Global X Copper Miners ETF (NYSE:COPX) also fell by 4% [3] - Silver experienced a dramatic drop of nearly 11%, trading in the $71 to $73 range after a "flash crash" from a peak of $83.62, with the iShares Silver Trust (NYSE:SLV) down nearly 9% [4] - Platinum saw a significant decline of over 14%, settling near $2,180, and the Abrdn Physical Platinum Shares ETF (NYSE:PPLT) decreased by 13.5% [4] Market Influences - The decline in metal prices was attributed to year-end profit-taking, a strengthening U.S. Dollar Index, and optimism regarding progress in Russia-Ukraine peace talks, which reduced safe-haven demand [5] - Retail traders circulated rumors of a massive silver margin call, contributing to market volatility [5] Margin Call Rumors - A viral, unverified rumor suggested a "systemically important" bank failed a $2.3 billion margin call after silver prices surged, leading to speculation about emergency liquidity measures by the Federal Reserve [6][8] - Claims circulated that the Federal Reserve injected between $17 billion and $34 billion into the repo market to prevent systemic issues following the alleged bank failure [8] - The rumor's origins were traced back to fringe news sources, and while there was a spike in the Fed's repo operations, it was less than the claimed $34 billion [9] Financial Analysis - Analysts indicated that even a $7 billion loss for a major bank during this rally would be manageable for institutions like UBS or JPMorgan, which possess substantial high-quality liquid assets [11] - The banks mentioned in the rumors, including JPMorgan Chase & Co., HSBC Holdings Plc, and UBS Group, are often involved in "silver squeeze" theories due to their large short positions in silver [10]