Silver flash-crashed 44% from its January high in a single week. What the price chart didn't show was happening inside the delivery system. Silver hit $121.67 on January 29. By the intraday low on March 19, it was trading at $66–68 — a 44–46% decline from the all-time high, compressed into less than eight weeks. If you positioned in silver throughout 2025 and watched that number, I understand the discomfort. But there is a version of this week's events that the price chart simply cannot show. The price chart shows paper contracts repricing in response to a hawkish Federal Reserve hold, a Strait of Hormuz disruption, ... (full story)