It has been 10 days since the last silver market analysis. During these 10 days, it seemed like nothing happened, but in fact, the silver market experienced a key change.

Let's first see what has happened during this period:

China announced that starting January 1st next year, it will implement a license management system for silver exports. The spot silver price in Shanghai surged to $91 per ounce, while the settlement price on the New York Mercantile Exchange was only $77—creating a new high in the price difference between the two locations. The London forward curve is still in backwardation, although not as extreme as in October, but the situation of spot premium has not yet reversed. Recently, the Chicago Mercantile Exchange also increased the margin requirements for silver.

Once I saw this information, I decided to put down my phone and spent the entire afternoon analyzing the market data and tools, trying to understand what these changes really mean and whether I need to adjust my previous judgment.

The conclusion was straightforward: now is not the time to increase positions.

My plan is to wait for possible pullback opportunities to re-enter, while maintaining flexibility in options trading. This is something most trading books don’t teach—when your analysis is confirmed by the market, or even exceeds expectations, the real test is not how to manage your positions, but how to manage your mindset. Those carefully constructed mathematical models and probability analyses are no longer just cold numbers; they turn into real profits and losses.

Staying rational in such moments is actually more difficult than ever. When the market gives you positive feedback, the voice of greed becomes especially loud, but true professional traders need to learn to ignore it.