Friday was the day the levels went. Gold fell as much as 3.2% to USD 3,891.67 an ounce, its weakest since 28 October 2025, on the way to an October loss of about 6%, the worst October since 2008. Silver slid as much as 5.8% to USD 49.34, under USD 50 for the first time since November 2025, and is down roughly 18% for the month. Gregor ticked it off live: gold under 4,000 at 10:19 GMT, silver under 50 at 13:05, gold under 3,900 at 15:57.

Nobody at this desk is going to pretend that felt good. But a week earlier, with gold still above 4,000, Ronnie wrote this:

"My take: we'll see a capitulation low over the next few days." That was 23 October. He then named the two levels that mattered. On gold: "I don't think that level holds." On silver, 50 was the one to watch, "roughly the old 2011 high, and yesterday's ceiling often becomes tomorrow's floor."