I’m not seeing anything scary in gold and silver. Must be a construction thing...
Gold and silver are hedges against inflation, against imploding currencies. They go up when the outlook is bleak.
Commodities like copper, oil, etc. are bellweathers of future growth. Prices go up when traders see future demand, and vice versa.
So, you are right, it is a construction (and manufacturing) thing. Traders are seeing less of both happening in the future.
IMHO of course.