$400 Billion Wiped From Gold and Silver in Minutes on Yield Surge

Gold and silver saw roughly $400 billion in paper value evaporate within minutes on Wednesday after US bond yields climbed to their highest point since 2002. The loss revalues metal that remains in owners' hands. It does not represent cash pulled out of the markets.

Gold dropped from approximately $4,120 to around $4,066 per ounce within a 15-minute span, while silver declined from about $60.13 to $59.00 before both rebounded.

The Math Behind a $54 Gold Decline Adding Up to $400 Billion

A simple multiplication produces the eye-catching figure. According to the World Gold Council, roughly 216,000 tonnes of gold have ever been mined, which is near 7 billion ounces.

When multiplied across that total, a $54 decline knocks about $375 billion off gold's value. Silver, priced at roughly $3.65 trillion in BeInCrypto's earlier report on a $1 trillion selloff, contributes around $67 billion from its $1.13 drop. Combined, the sum comes to nearly $440 billion.

BREAKING: Over $400 BILLION has been wiped out from gold and silver in just 10 minutes. pic.twitter.com/O2tVWHgicJ

— Bull Theory (@BullTheoryio) October 7, 2026

Holders who did not sell retain the same number of ounces. The only change is the price at which those ounces are valued.

The Reason Rising Bond Yields Drove Gold and Silver Down

On Wednesday, the 10-year Treasury yield — the interest rate on US government debt maturing in 10 years — hit 5.35%. Meanwhile, the 30-year yield climbed to 5.70%.

U.S. 30-YEAR YIELD HITS NEW 24-YEAR HIGH

The 30-year Treasury yield climbed to 5.706%, its highest since 2002, as the global bond selloff resumed ahead of Fed minutes.

The 10-year yield rose to 5.323%, while Brent crude topped $101 amid renewed geopolitical pressure.

Danske…

— *Walter Bloomberg (@DeItaone) October 7, 2026

Neither gold nor silver pays interest. As bonds offer higher yields, owning the metals means forgoing that income.

At the same time, traders prepared for a $39 billion auction of 10-year notes and the release of the Fed's September meeting minutes, during which the central bank hiked rates to a range of 3.75%–4.00%.

According to CME FedWatch, there is a 69% probability of another rate increase in December.

“Here we go again. Traders have reacted to rising bond yields by selling gold and silver…Yet falling bond prices and rising yields are extremely bullish for precious metals,” Schiff wrote.

Over the last month, gold has dropped 7.2%. Analysts believe 2026 could be the most turbulent year for the metal since 1982. The bond sale and Fed minutes due later on Wednesday will provide the next tests for yields and the precious metals that react inversely.