Gold and silver prices are dropping, which is bad news for recent buyers but could be a buying window for people waiting to get in.

• Gold has slipped under $4,000 an ounce and silver has hit its lowest point of the year, pressured by a wobbly stock market, rising oil prices from Middle East tensions, and uncertainty ahead of the Fed's next rate decision.
• Central banks are still buying gold heavily, now at four times 2022 levels, with China alone adding tons in August — central banks tend to buy more when prices fall, not less.
• Countries including the Netherlands and France are moving their gold out of US vaults for safekeeping, and India approved a large silver import ahead of festival season.
• Investor Peter Schiff calls the dip a buying opportunity, but the case made here is that stocks, gold, and silver all tend to fall together when investors panic, and a bigger drop may be coming.
• The call here is for gold to fall further before bottoming, with a bigger stock market downturn expected as a major global event unfolds next year.

Outlook: Expect more weakness in gold and silver near-term, with a bigger buying opportunity predicted if the stock market tanks as feared.