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It was a volatile day in the gold and silver markets on Tuesday, with both prices declining sharply on Tuesday morning, yet then rebounding in the afternoon. With a more pronounced move back higher for silver than gold.

The gold futures were trading at $3,410 at mid-day on Monday, and by Tuesday morning were over $100 lower, before rebounding to $3,356.

Silver’s trajectory was similar, with the price falling over a dollar from Monday’s peak to Tuesday’s low. Although the silver price did have a sharper rebound than we saw in gold on Tuesday.

It was a bit of a surprising reaction, at least if one is attributing the move to the latest Iran and Israel news. It was somewhat odd yesterday, when it felt like the mainstream narrative was almost translating the fact that no one was killed in Iran's counter-attack into a resolution of the matter.

Then a few hours later, Trump says there has been a truce, but by morning time he was saying that both sides had violated it, leaving him to conclude that, ‘we basically have two countries that have been fighting so long and so hard that they don’t know what the f* they’re doing.’

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