The recent volatility in gold and silver markets has indeed been historic, with gold experiencing a significant swing of nearly $500 in a single day. This kind of movement is not only unprecedented but also indicative of the high levels of uncertainty and risk aversion currently prevailing in the financial markets.

The factors contributing to this volatility are multifaceted. The hawkish stance of the Fed Chair, signaling potential interest rate hikes to combat inflation, has strengthened the dollar. A stronger dollar typically puts downward pressure on gold prices, as it becomes more expensive for foreign buyers to purchase gold and because higher interest rates can increase the opportunity cost of holding gold.

The selling pressure was further exacerbated by forced selling, where investors were liquidating their gold positions to cover losses in other parts of their portfolios. This behavior is common during periods of high market stress, where investors seek to reduce their overall risk exposure.

Given this context, the question of whether to sell or add to gold and silver positions is complex and depends on one's investment strategy and risk tolerance. For long-term investors who believe in the fundamental value of gold and silver as safe-haven assets or as a hedge against inflation and currency devaluation, the current dip might present a buying opportunity. Historically, gold has tended to perform well during periods of high inflation and economic uncertainty, which could suggest that the bull market is not over.

However, for short-term traders or those with a more speculative approach, the current volatility might be too risky. The potential for further downward movement, especially if the dollar continues to strengthen and interest rates rise, could lead to significant losses.

In conclusion, whether to sell or add to gold and silver positions depends on your investment goals, risk appetite, and time horizon. If you're a long-term investor with a belief in the precious metals market, adding to your position during this dip might be a strategic move. Conversely, if you're more risk-averse or have a shorter investment horizon, it might be prudent to wait for clearer signs of market stabilization before making a decision.

As for whether the bull is still present, it's essential to consider the broader economic and geopolitical landscape. Factors such as inflation rates, central bank policies, geopolitical tensions, and the overall health of the global economy will continue to influence gold and silver prices. While the recent volatility might be a setback, the underlying drivers that have supported the bull run in precious metals are still present, suggesting that the bull market could potentially regain momentum once the current uncertainty subsides.

For now, a cautious approach, combined with a close eye on market developments and economic indicators, would be advisable for making informed investment decisions in gold and silver.