Historic Gold and Silver Moves Behind The RallyThe latest leg higher has been driven by fears over U.S. fiscal sustainability and the independence of the Federal Reserve. SLV, GLD Highlight Safe-Haven StampedeWhy Gold and Silver Miners Drop When Metal Prices FallNEM, B, AG and PAAS are essentially leveraged plays on gold and silver. Their revenue is directly tied to metal prices, but many costs — energy, labor, equipment, debt— are fixed or slow to adjust. When gold and silver fall, each dollar of price decline squeezes margins disproportionately, slashing expected cash flow and earnings. At the same time, traders may be unwinding leveraged bets on Thursday, leading to outflows from commodity ETFs and adding even more selling pressure to miners than to the metals themselves.