A weekend article about the "crisis" in the precious metals market sparked heated discussions, with many leaving comments asking—Is this about investment tools facing restrictions, or are silver and gold about to top out? Actually, neither is correct; the real hidden danger lies in structural risks at the industry level.

History always repeats itself. Many believe that bank backing means absolute safety, but the爆雷 of crude oil futures shattered that illusion. Oil prices turning negative? No one could have imagined that happening. The problem is, retail investors often only remember the last lesson, and when the next black swan appears, they are caught off guard again. It’s like after an earthquake, people rush to reinforce their houses, but they don’t expect the next disaster might be a flood.

Everyone understands the principle that extremes must revert, but in extremely crazy markets, most people choose to turn a blind eye. It’s only when the tire explodes that the driver reacts.

Back to today’s market data—

In the early session, silver surged directly to $83, with an incredibly rapid upward pace. But such a sharp rise is hard to sustain, and the market quickly reversed. Silver plunged from the high of $83 down to $75, an $8 drop that was enough to eliminate traders who chased the high in the early session. Gold also came under pressure, slipping from around $4,550 to about $4,470, with a daily decline of roughly $80.

The key question is: after the sharp decline in the afternoon, will the trend continue to adjust? Only a true continuation of the adjustment can confirm the direction. Remember, topping out is not an instant event but a gradual process confirmed through repeated testing. How the next few trading days unfold remains to be seen.