Silver plunged 36% in a single day, setting a historical record. Gold dropped over 12%, marking the largest single-day decline since the 1980s.
Just three days ago, silver was at a record high of $120, and gold had just touched $5,600.
This is not a market adjustment. This is a panic.
CME adjustment margin rules triggered widespread stop-losses and margin calls. High-leverage funds were forced to liquidate, and selling pressure led to more selling. It was just like the liquidity crisis in March 2020 — it's not that the assets are bad, but that the holders of the assets were forced to exit.
Interestingly, Bitcoin only dropped 1% on that day. It's just that now...