SPY lost about 0.7%, long-Treasury ETF TLT 0.9%, and gold ETF GLD 3.9% on September 28. Yahoo Finance’s SI=F silver-futures daily record fell about 4.7% compared with September 25. Stocks, long bonds, and metals all declined. A haven label did not deliver a positive return that day.
FRED’s historical ten-year real yield rose from 2.83% in the preceding session to 2.90%, and the nominal yield from 5.17% to 5.24%. The dollar index rose from 100.97 to 101.20. The opportunity cost of non-interest-bearing metals increased, as did long-bond discounting pressure. These changes fit the shared decline without explaining its full size: the dollar’s move was relatively small and the metals’ losses larger. Prices do not identify a group of holders forced to sell.
Demand for gold against monetary or tail risks does not remove its opportunity cost, and Treasuries still carry duration risk. Silver also has industrial uses, but a daily loss of about 4.7% supplies no quantity of reduced factory consumption, without procurement or inventory evidence. The assets faced some common pressures; their separate demand changes cannot be disentangled from the shared declines.
Historical backfill prepared on October 4, 2026. The observation cutoff is the article date, with US stock and ETF prices through the 2026-09-28 New York close. Sources: GLD, SI=F, TLT, SPY, dollar index; FRED DFII10, DGS10. Stock and ETF price changes use September 25 closes. GLD is a gold ETF proxy; SI=F is a continuous futures series potentially affected by contract switches, not a spot quote; TLT is a long-Treasury ETF. FRED figures are historical September 25 and 28 observations, not a guarantee of intraday availability. Silver figures use Yahoo Finance SI=F historical daily records, comparing the article date with the preceding session. Historical quote cutoffs, delivery-month mapping and roll adjustments have not been independently reconstructed; these changes do not establish same-contract settlement changes or spot returns. Dollar-index figures use Yahoo Finance DX-Y.NYB daily records; the provider’s daily cutoff has not been reconstructed, so they are not treated as synchronous with regular stock and ETF closes. Personal research and opinion for information only; not investment advice.