Gold has fallen more than 30% from its peak, silver has dropped nearly 60%, and whales prefer to add to gold and sell silver.

BlockBeats news, November 13 — After nearly a year of rallying to highs and then pulling back, international gold and silver prices have once again fallen below their levels from the same period last year. Yesterday, spot gold broke below $3,900, hitting a new low since October 2025; silver once again fell below $50, approaching the late-October low of $48.87.

Looking back at this cycle, on November 13 last year, gold and silver were approximately $4,152 and $52.18, respectively. On January 29 this year, the two hit record highs of $5,594.82 and $121.64, respectively, up about 35% and 133% from the above prices. Based on last night's quotes of $3,867.9 and $49.9, gold has retraced about 30.9% from its high, while silver has retraced about 58.9%, with all previous gains having been given back.

Stronger-than-expected U.S. inflation data and hawkish signals from Federal Reserve officials pushed the dollar index to a near 19-month high. Middle East tensions drove oil prices higher, further reinforcing expectations that inflation and interest rates will remain elevated, keeping gold and silver prices under pressure.

Large on-chain accounts, however, made divergent choices. According to TradingBeats monitoring, as of press time, Hyperliquid gold and silver contracts were quoted at $3,896.7 and $49.96, respectively, down about 1.75% and 2.84% in 24 hours.

Within the past 24 hours, a large low-level add-on position appeared in gold. A whale starting with 0xdcb4 added approximately $4.634 million in long gold positions at an average price of $3,886.41 in the early hours of today, increasing its holdings to about $5.392 million. The overall cost basis is currently $3,882.92, with unrealized profit of about $19,000.

In silver, two whales stopped out in the afternoon, selling a combined approximately $6.3 million in long positions and confirming realized losses of about $332,000 on closed positions. Among them, 0x4e23 sold about $4.8 million, reducing its position by 56%, realizing a loss of about $117,000; it still holds about $3.75 million in long silver positions at a cost of $51.46, with an unrealized loss of about $113,000.

Another whale, 0x3678, cleared approximately $1.5 million in long silver positions for a loss of about $214,000, while also reducing approximately $2.37 million in long gold positions for a loss of about $168,000. Its remaining long gold position is worth about $6.204 million at a cost of $4,176.09, still showing an unrealized loss of about $445,000.