BofA: High Volatility in Gold and Silver Persists; Unlikely to See Extreme Fluctuations Soon

Market Volatility: Bank of America predicts that the precious metals market, particularly for gold and silver, will maintain a high level of volatility following significant price corrections from historical highs.

Speculative Bubbles: Niklas Westermark, Head of Commodity Trading at Bank of America, suggests that unless new speculative bubbles emerge, the extreme price movements seen recently are unlikely to happen again.

Market Cleansing: The recent sharp declines in the market have effectively "cleansed" it, indicating a reset in trading conditions.

Crude Oil Stocks Update: The EIA reported a decrease in U.S. crude oil stocks for January 2023, with a change of -2.296 million barrels, which is lower than the previous value and below the forecast.