Russ Mould of A J Bell discusses the precious metals meltdown and the ongoing volatility, with silver diving from $122 to $72. He reminds us, though, that both gold and silver are still up 9-10% in a month. Russ runs through the things that might have caused the collapse, including Trump's appointment to the Fed chair, that things had gone too far too fast, that leveraged positions were flushed out and the changes in Comex's margin requirements. But what has changed apart from the price? Nothing, really, so bears and bulls of precious metals are still likely to feel as they did before the past week. It's notable that miners have been nowhere near as volatile as the metals and we are about to see results from some of the majors. Will this be an opportunity? How indeed do you value gold and silver? Russ compares them to other commodities.

Guests: Russ Mould

Published: Thu 5 February 2026