Why aren't gold and silver going up more as money comes out of the market and crypto?

The author states that "spy started going down" and money is "coming out of the market." This observation forms the basis of their entire thesis. The expectation of a downturn in the broader market is the reason they are seeking alternative, non-correlated assets like gold and silver. While not an explicit short position, the author's actions and language imply a bearish outlook on the S&P 500, believing it will continue to decline, which justifies their rotation into precious metals. The market downturn could be a short-term correction rather than a sustained bear market. Positive economic news or a resolution to geopolitical conflicts could cause a sharp reversal.

The author noted a general market downturn and bought SLV on a recent dip, similar to their GLD position. The author's investment thesis groups silver with gold as a primary safe-haven asset that should appreciate when investors de-risk from equities and crypto. The author has taken a long position in SLV, expecting it to rally alongside gold as a result of market fear and uncertainty. Silver has significant industrial use, making it more sensitive to economic slowdowns than gold. It can also be subject to the same headwinds as gold: a strong dollar, rising rates, and margin-call liquidations.

The author observed a dip in the S&P 500 (SPY) and a "war started," which are typical catalysts for a flight to safety. The author believes that in such a risk-off environment, capital should flow from equities and crypto into traditional safe-haven assets like gold, causing its price to increase. The author bought GLD on the dip, anticipating a significant rally as the market downturn and geopolitical tensions escalate. As noted by commenters, a rising US dollar, higher bond yields, and forced liquidation for margin calls can create significant headwinds for gold in the short term, invalidating the "safe haven" thesis.