A sudden wave of risk swept global markets.

On the evening of November 14, spot gold and silver prices plummeted sharply. As of the latest update, London gold fell below $4,100, marking a 3% intraday drop after earlier climbing above $4,200. COMEX gold also declined nearly 2%, while silver saw significant losses as well.

European equities followed suit, with major indices plunging. The UK’s FTSE 100 dropped over 1.8%, while France’s CAC 40 and Germany’s DAX both fell more than 1.4%. U.S. stock futures also declined pre-market, signaling a weak opening.

Cryptocurrencies were not spared—Bitcoin tumbled below $96,000, down over 7%, and Ethereum plunged more than 10%.

Earlier in the day, Asia-Pacific markets had already faced broad declines. Japan’s Nikkei 225 closed 1.77% lower, and South Korea’s KOSPI slumped 3.82%. Chinese A-shares and Hong Kong stocks also retreated.

Two key factors drove the sell-off: 1. **Tech Stock Concerns**—As warnings about an AI investment bubble grow louder on Wall Street, Michael Burry’s Scion Asset Management disclosed a major short position in AI leaders Nvidia and Palantir. Nvidia’s upcoming earnings report next week could further sway tech sentiment. 2. **Fed Rate Uncertainty**—According to CME’s FedWatch Tool, the probability of a December rate cut has dropped sharply to 50.7%, down from nearly 60% a day ago and 70% a week prior. Several Fed officials have recently expressed caution or opposition to easing policy.

The market remains on edge as investors weigh these risks.