Gold and silver futures plunged Tuesday, with gold in particular heading for its worst day in more than 12 years, after both precious metals recently ran up to record highs.

Why it matters: Investors may be coming to grips with a disconnect between the surge in the traditional safe havens and actual fundamentals.

By the numbers: Gold futures were 5% lower in late-morning trading, while silver futures were nearly 7% lower. • Per Dow Jones data cited by the Wall Street Journal, gold hasn't fallen 5% in a single trading day since June 2013. • Before Tuesday, both metals had risen about 60% this year.

What they're saying: "I've been bullish on gold for years. But what I'm seeing now keeps me up at night," Joe Tigay, portfolio manager of the Rational Equity Armor Fund, wrote in a note Tu

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