Gold and silver suffered a violent correction after one of the biggest rallies of the decade, with drops of up to 10% in gold and 30% in silver in just a few days.

The movement exposed an excessively congested market, leveraged via ETFs and derivatives, where many investors were already "with one foot out."

The macro narrative remains alive, but the adjustment was technical and related to positioning.

From here, the behavior of Chinese demand after the Lunar New Year holiday should be decisive in determining whether the correction becomes an opportunity or a regime change.