Gold and Silver Selloff Reportedly Erases $1T in Estimated Precious Metals Value

Precious metals reportedly suffered a sharp Thursday selloff, with gold declining 2.8% and silver falling 5.8% amid rising oil prices and renewed inflation concerns ahead of the Federal Reserve's next meeting.
Platinum reportedly lost 4%, palladium declined 3.7% and copper fell 2.8% to a five-week low.
Using estimated above-ground supplies, the report attributes approximately $810 billion in lost value to gold and more than $190 billion to silver.
However, these are theoretical changes in aggregate metal value, not realized investor losses or actual capital outflows. The reported price movements and $1 trillion estimate require independent confirmation.