If this downward swing is caused by banks, either they have a liquidity problem and are selling assets to stay liquid or they are selling high. If banks are selling now, I would expect it to be the later
the point is this: if you own the physicals (any commodity), you can do anything you want to the spot market. Those myths about speculators “controlling the market” are propaganda for the masses. If banks are selling, it’s because they feel like it, not because they have to.
Banks have over $1.8 trillion in excess reserves.
I don't think they need to sell anything to stay liquid.