Bitcoin has proven more resilient than gold and silver, while precious metals have faced pressure from significant outflows, forced position unwinds, and declining liquidity. Managing director Nikolaos Panigirtzoglou oversaw the analysis, which compared flow data, institutional positioning, momentum signals, and liquidity conditions for gold, silver, and Bitcoin. Gold has dropped by about 15% so far this month. A rally that had driven prices to a record close to $5,500 per ounce in January was reversed by the decline. Silver, which had peaked around $120, declined similarly. JPMorgan attributes the decline to rising ... (full story)