After a strong rally that pushed gold and silver to record highs this month, prices have started to cool off. Globally, gold fell as much as 2.9% Wednesday to $4,004 an ounce, following a staggering 6.3% intraday drop on Tuesday, the steepest in more than a dozen years.

Silver tumbled over 2% to around $47.6 after a 7.1% plunge the day before. The sudden decline reflects a wave of profit-taking, with investors booking gains after months of record-breaking increases.

Tim Waterer, chief market analyst at KCM Trade told Bloomberg News that profit-taking moves have started to snowball. “High temptation for traders to take profit at price levels which have never been seen before in the gold market,” Waterer added.

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