Peter Schiff Calls Metals Slump A ‘Great Buying Opportunity’ – Silver Suffers Steepest Single-Day Drop In Over 2 Months

• Ole Hansen says gold needs to hold above $4,500 to avoid renewed focus on the 200-day moving average near $4,340.
• Spot gold traded 2% lower at $4,558.6 an ounce, while spot silver crashed more than 8% to $76.7 an ounce.
• Brent oil futures for July 2026 deliveries jumped 3.3% to $109 per barrel, while the 10-year Treasury yield hovered around 4.57%

Peter Schiff called the extended pullback in gold and silver prices “a great buying opportunity” as precious metals came under pressure from a resurgent U.S. dollar, higher bond yields, rising oil prices, and growing expectations of a rate hike driven by inflation.

“Today’s selloff in gold, and especially the $6.70 plunge in silver, is a great buying opportunity, as investors who expected bond yields to fall have no idea what higher yields portend for inflation and precious metals,” Schiff said in a post on X.

Gold, Silver See Sharp Slide

Gold prices are on pace for their steepest weekly decline in eight weeks, while silver suffered its sharpest single-day drop in more than two months.

Spot gold (XAU/USD) traded 2% lower at $4,558.6 an ounce, while futures expiring in July 2026 slid even further to 2.7% at $4,575 an ounce. It is on track to fall for a fourth straight session

Meanwhile, spot silver (XAG/USD) was down more than 8% to $76.7 an ounce, while silver futures for July 2026 deliveries also crashed nearly 10% to $77 per ounce.

Hansen: Gold Needs To Hold Above $4,500

Veteran commodities expert and Head of Commodity Strategy at Saxo Bank, Ole Hansen, said gold needs to hold above $4,500 to avoid renewed focus on the 200-day moving average (200-DMA) near $4,340.

He also added that silver’s recent surge was largely driven by momentum and technical trading, with capitulation trades emerging below $82.

“With no end in sight to the Middle East conflict, some central banks have reportedly been forced to sell gold to defend currencies and help fund surging energy import costs,” he wrote in a post on X.

Metal Stocks Crash

Shares of silver miners Pan American Silver Corp. (PAAS) and Hecla Mining (HL) slumped more than 8%, while First Majestic (AG) stock crashed nearly 10%. Meanwhile, shares of gold miners Newmont Corp. (NEM) and Barrick Gold (B) fell around 6% each.

Retail sentiment for iShares Silver Trust (SLV) on Stocktwits remained in the ‘extremely bullish’ zone while sentiment for SPDR Gold Shares ETF (GLD) turned ‘neutral’ from ‘bearish’ a day earlier.

Brent oil futures for July 2026 deliveries jumped 3.3% to $109 per barrel, while the 10-year Treasury yield hovered around 4.57%. West Texas Intermediate (WTI) futures climbed 3.6% to $104.8 a barrel. 

Meanwhile, U.S. equities fell sharply on Tuesday. At the time of writing, the Invesco QQQ Trust ETF (QQQ) slumped 1.2%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) and the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, were down 0.9% each.

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