The main reason is the strength of the US dollar. There is a negative correlation between the dollar and gold. You know, if you carefully divide the fundamentals of the recent dollar trend, you can simply divide it into the first stage. First of all, the US dollar has strengthened since the second half of this year, mainly due to the time frame of QE withdrawal and US interest rate hike (the second and third quarters of next year). After the US actually withdrew from QE, gold also ushered in a plunge that day. The second is that the economic data of the United States is improving, especially the labor market data. The third is the total collapse of non-American currencies. In particular, last Friday, the Bank of Japan unexpectedly increased its easing efforts, pushing the dollar to strengthen, and gold fell to $30 that day.
In the future, it can be said that as long as the US dollar index does not launch an intermediate callback, it will be difficult for gold and silver to launch a strong callback. It's really dollars now.