Precious metals sold off sharply on June 5, with gold down about 3.5%, silver nearly 8%, and platinum and palladium also falling hard. Mining shares were hit even harder because they are leveraged to metal prices.

The immediate trigger was a stronger than expected U.S. jobs report, which made investors think the Federal Reserve may delay rate cuts or keep policy tighter longer. That pushed Treasury yields and the dollar higher, pressuring gold, silver, stocks, and bonds.

David Morgan emphasized that this was not necessarily a sign of economic strength. Rather, it showed how fragile and reactive markets have become to each new data point. The deeper problems remain: rising debt, large deficits, growing interest costs, currency debasement, geopolitical risk, and distrust in financial institutions.

He reminded investors that volatility is part of a secular precious metals bull market. Bull markets often shake people out on the way up, and the long-term reasons for owning gold, silver, and quality mining shares remain intact despite the short-term selloff.

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