Organization: The collapse of precious metals has long been in the making, with the nomination of Vash only serving as a catalyst.

OCBC Bank strategist Christopher Wong said that the movement of gold "confirms the saying that 'a sharp rise must have a sharp fall'." He believes that the nomination of Jerome Powell as the chairman of the Federal Reserve was just the trigger, and a pullback was already inevitable. "This is like one of the excuses that the market has been waiting for, to close out those parabolic trends." Precious metals had already set the stage for dramatic fluctuations, as the soaring prices and volatility put pressure on traders' risk models and balance sheets. Goldman Sachs noted in a report that the record wave of buying call options also "mechanically reinforced the upward momentum," as the sellers of these options hedged the risk of rising prices by buying more metal.