Silver and gold are losing ground against stocks and bonds are breaking down, a bad setup for metals holders hoping for a fast rebound.

• Silver has already fallen 50% from its high, and past drops of that size kept going much lower.
• Gold is weakening against the US stock market, something most precious metals boosters are not pointing out.
• Long-term bonds are breaking down as interest rates rise, which pulls bond values lower.
• A stock market downturn would likely make the gold and silver selloff worse, the way it did in 2008.
• Chart analyst Patrick Karim says it could be a long while before silver looks interesting to him again.

Outlook: Silver likely has further to fall before it bottoms, and a wider stock market drop would deepen the damage.