Spot gold fell 3% to $4,156.45 an ounce at 0814 GMT Monday, its lowest since August 5, as the oil spike stoked inflation fears and reinforced expectations for elevated rates. Silver took it worse, dropping below $62 and widening the gold-silver ratio to roughly 67.4. Gold is down 6.7% over four weeks. Bitcoin fell too but far less, which pushes the BTC/gold ratio higher on a day when the standard framing would have had gold outperforming. The selloff contains nothing about physical demand: it is a repricing of the dollar, real yields and rate-hike odds.