From Texas Precious metals website:
https://www.texmetals.com/newsPrices are set by people that buy and sell 1,000 oz bars.
Price is being driven down by highly-levered institutions hitting margin calls on underwater positions.
In simple terms, this forces the liquidation of liquid assets.
Real estate and large private equity holdings are not liquid.
Other assets - especially metals - are highly liquid. The positions are quickly sold off to raise cash to meet margins.
