Gulf states are liquidating Gold and Silver because the Hormuz closure killed their oil cash flow.
They need immediate liquidity (USD) to fund the war and defend their currencies.
The money didn't vanish, most likely it moved back to the Dollar for pure survival.
When Sovereign Wealth Funds start dumping Gold and Silver to survive, it affects the market price in a gigantic way, immediately.
That, I'm told, is what is taking place.
