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Gold surged to 5589 in January, a historic high. Five months later, it fell by 25%, gradually retreating. Silver was even more extreme, breaking $100 at the start of the year, the first triple-digit in human history. Then it also came back down. The catalyst for this round of gold's crash and the catalyst for its previous surge are the same thing. Rothschild released a report in February roughly stating that the loose correlation between gold and traditional macro variables has broken down.