For now at least it looks like the commodity trade is taking a breather with gold and silver both sharply lower this morning that shakeout comes after spot Silver traded at new all time highs of $121.60 last night.

As Trading Economics puts it:

“Silver tumbled 17% toward $95 per ounce on Friday, retreating from all-time highs as investors locked in profits following the record rally, while a rebound in the dollar added pressure on the metal. Despite the pullback, silver is on track to gain more than 35% in January, extending a winning streak to nine consecutive months.”

Unsurprisingly silver miner Fresnillo FRES LN has sold off in sympathy and is down by -6.05%.
Though it remains up by more more than +9.00% year to date, and by+ 62.00% over the last 3-months.

It will be interesting to see if the sell off continues this afternoon, and or into next week, or whether the structural issues in the market , and end user demand, support the silver price.

For now as we can see in the chart below the path of least resistance remains to the downside.