This article does a reasonable job of laying out some of the drivers: https://markets.financialcontent.com/stocks/article/marketminute-2026-1-30-the-great-prec

This article does a reasonable job of laying out some of the drivers: https://markets.financialcontent.com/stocks/article/marketminute-2026-1-30-the-great-precious-metals-reversal-gold-and-silver-plummet-as-parabolic-run-exhausts-retail-bullishness https://markets.financialcontent.com/stocks/article/marketmi...