Gold, Silver Price Action 'Among Worst' Charts, Says Wall Street Veteran

Rob Isbitts, former Chief Investment Officer (CIO), has expressed concerns about the current gold and silver price action. According to Barchart on October 30th, he described the charts as 'among the worst' he's seen. He recommends using inverse exchange-traded funds (ETFs) to bet on the downside of these precious metals.

The main driver behind this bearish outlook is the rise in U.S. Treasury yields, which have reached 4.5% annually and 5-year yields exceeded 5%. This has effectively eroded the investment appeal of non-yielding gold and silver.

Isbitts notes that gold and silver do not always function as safe-haven assets. During market corrections, they often decline alongside equities. Silver is particularly vulnerable due to its high sensitivity to economic conditions, with more than half of total demand coming from industrial uses such as solar panels and electronics.