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...

Michaël van de Poppe tweeted during the silver crash: "Gold is down 15-20%, silver down 30%, Bitcoin only down 1%. The rotation game has begun."

When traditional safe-haven assets behave more crazily than risk assets, the narrative changes. Over the past two months, funds have flowed from Crypto to precious metals in search of "safety." Now they realize that nothing is safe.