Gold and silver are dropping hard while the dollar and bond yields rise — bad for anyone who bought precious metals near the top, and a warning sign for stocks.

• Gold and silver fell sharply in a single day, with silver taking the bigger hit.
• Government bond yields jumped to their highest level since 2007, so money is racing into bonds and dollars that actually pay interest.
• Gold and silver pay nothing, so they lose out when savers can get a good return elsewhere.
• A stronger dollar hurts US companies too, because it makes American goods more expensive for buyers abroad.
• Mining stocks have turned down alongside the metals, and the stock market is showing the same cracks.

Outlook: Metals are expected to keep sliding until interest rates fall — and if rates do fall, it will likely be because fear has pushed the stock market down.