Gold and Silver Prices Plummet, Taking Bitcoin with Them

A major price drop in gold and silver on Monday led to a $550 billion loss in market value, causing a ripple effect across various markets. The losses started early during the Asian session, with gold slipping 1.55% and silver sliding 2.75%, wiping out about $470 billion and $101 billion in market value, respectively.

Gold's price continued to drop throughout the day, reaching a low of $4,197.40 an ounce, or nearly 25% below its record near $5,590 set earlier this year on January 28. Silver also saw a significant decline, dropping 3.59% to $62.47.

However, the price drop in gold and silver did not lead to a corresponding increase in Bitcoin's price. In fact, Bitcoin slid to an intraday low of $82,780, a 2.7% drop over the same hours metals were bleeding. This has led some to question whether Bitcoin can be considered a safe-haven asset like gold.

Peter Schiff argued that rising bond yields are dragging down gold and silver prices. He wrote, 'Gold and silver are being dragged down by rising bond yields... The impact of rising yields on the economy, federal budget deficits, and inflation is bullish for gold and silver. Buy now.'