Given the moves on the last trading day of the month, it would be remiss to start a review of January anywhere but precious metals. Gold dropped nearly 10% and silver fell a whopping 27% on 30 January.

Both markets had been hitting daily record highs and attracting increasing retail speculation (alongside more established trend-following institutional managers). But it speaks to just how volatile these assets have become that silver still finished January up over 18% year-to-date, even after the last-day capitulation.

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Man Group

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