Hawkish expectations from the Fed trigger a broad commodity crash, gold and silver experience another epic shakeout

According to Odaily, the commodity market experienced a broad decline on Monday, with gold, silver, crude oil, and industrial metals leading the drop. CBA commodity strategist Vivek Dhar stated: "The market has decided to sell off precious metals alongside US stocks, indicating that investors perceive Walsh as more hawkish. In addition, the strengthening US dollar has put pressure on precious metals as well as other commodities including crude oil and base metals." However, he still maintains his forecast that gold prices will reach $6,000 in the fourth quarter. Asian stock markets fell sharply following US stock futures, and the chaotic sell-off in the precious metals market added tension to a week already filled with corporate earnings reports, central bank meetings, and economic data. Dhar commented: "The key question is whether this marks the beginning of a structural decline in commodity prices, or if it is merely a correction. We believe this is an adjustment and a buying opportunity, rather than a fundamental shift." (Golden Ten Data)