"Closely monitoring" is a euphemism and standard business practice that really means massive short sales of paper gold and silver futures contracts initiated by the banking cartel to stifle demand and drive down prices artificially.
-NW

Downside price action in gold, silver, after Monday's frenzy
Jim Wyckoff | Kitco News
Tuesday February 02, 2021 08:04

[snip]

(Kitco News) - Gold and silver futures prices are trading sharply lower in early U.S. trading Tuesday, with silver leading the way. It appears the attempted short-squeeze in the silver market has failed, at least at this point. Rallying global equity markets early this week are a bearish element for the safe-haven metals. April gold futures were last down $19.70 at $1,844.00 and March Comex silver was last down $1.718 at $27.72 an ounce.

Silver’s big pullback from Monday’s eight-year high of $30.35 in March silver futures suggests retail trader efforts to produce a short squeeze have failed—at least for the moment. The big jump in silver futures caught the attention of the Commodity Futures Trading Commission (CFTC), with acting Chairman Rostin Behnam saying the futures regulator is “closely monitoring” the activity. “The Commission is communicating with fellow regulators, the exchanges, and stakeholders to address any potential threats to the integrity of the derivatives markets for silver and remains vigilant in surveilling these markets for fraud and manipulation,” he stated. The Comex did raise trading margins on silver futures this week.

Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins and have made strong recoveries after the recent declines.