A big pullback in Precious Metals underway now after the violent move higher yesterday.

Some people calling a top, but I dont think so. The macro drivers that are pushing gold, silver, and platinum higher are structural and aren't simply going to go away (Supply deficits, falling above-ground stocks, elevated leasing rates, amid elevated uncertainty and a portfolio rebalancing towards precious metals).

What's happening is what you'd expect when volatility reaches the levels we've been seeing. As mentioned in a comment yesterday, when volatility is at this level (>70%) it is symptomatic of market dysfunction, and as a result we will see violent moves in both directions (other issues include wide bid/ask, deviation between screen pricing and actual pricing, and a collapse in trading volume beyond spot markets).