According to @KobeissiLetter, retail investor activity in the U.S. options market has surged dramatically. Year-to-date in 2026, the average daily options volume for precious metals like gold and silver is 6.6 times higher than the total volume recorded in 2023. This unprecedented growth highlights heightened interest in gold and silver trading among retail investors, surpassing all previous years' activity levels.

According to @w_thejazz, the Shanghai Futures Exchange (SHFE) has confirmed that six groups of linked accounts were caught exceeding intraday position-opening limits on silver contracts. This coordinated action, which involved dumping 674 million ounces of paper silver in a single session, has led SHFE to impose restricted position-opening measures on these accounts. The crackdown highlights growing scrutiny in the silver market, with physical demand remaining strong and fundamentals unchanged.

According to @BullTheoryio, the last 24 hours saw a cross-asset selloff: gold fell 5.5% with about $1.94 trillion in value erased, silver dropped 19% with roughly $980 billion wiped out, the S&P 500 declined 0.95% with about $580 billion lost, and the Nasdaq fell 2.5% (source: @BullTheoryio). Based on @BullTheoryio’s figures, the simultaneous declines across commodities and US equities indicate broad risk reduction and higher cross-asset correlation, raising liquidity and gap risk for short-term traders (source: @BullTheoryio). Based on @BullTheoryio’s reported drawdowns, traders can consider tightening leverage, using options hedges, prioritizing liquidity, and monitoring dollar strength and volatility for continuation versus mean-reversion cues (source: @BullTheoryio).

According to @CryptoMichNL, the ETH versus silver relative pair has printed its lowest RSI on record. According to @CryptoMichNL, the last times this level occurred were during the 2018 and 2022 lows, indicating where ETH may be in the broader cycle relative to silver.

According to @EricBalchunas, $SLV is leading pre-market volume across all ETFs and stocks, with commodities ETFs making up 7 of the top 11 most active by notional volume, source: @EricBalchunas. According to @EricBalchunas, the -2x gold and silver ETFs are now on the most-active list after not appearing last week, source: @EricBalchunas.

According to @BullTheoryio, gold and silver saw a historic drawdown with a reported 10 trillion in value erased in three days. According to the source, gold fell 20% from its peak, erasing 7.4 trillion in market value, and silver dropped nearly 40%, wiping out 2.7 trillion. According to the source, the gold wipeout was framed as roughly five times the entire market cap of Bitcoin, emphasizing the cross asset scale versus BTC. Based on the source's figures, traders may prioritize liquidity and volatility management in precious metals, monitor BTC relative strength and the gold to BTC ratio, and adjust hedging and risk exposure as cross asset flows evolve.

According to @ReetikaTrades, citing The Kobeissi Letter, gold and silver have erased over 10 trillion in market cap in three days, roughly four times the total crypto market cap, highlighting crypto’s smaller relative size (source: @ReetikaTrades via The Kobeissi Letter). According to @ReetikaTrades, the cited post attributes the move to selling pressure with gold and silver falling below stated price levels (source: @ReetikaTrades via The Kobeissi Letter). According to @ReetikaTrades, this comparison frames position sizing and risk context between traditional commodities and crypto, with no additional verification provided beyond The Kobeissi Letter citation (source: @ReetikaTrades).

According to @StockMKTNewz, silver fell 31% in its sharpest single-day drop since March 1980, while gold declined 11% in its worst single-day move since January 1980. According to @StockMKTNewz, these represent the steepest daily losses in decades for both metals.

According to @lookonchain, whale address pfm.eth deposited 5M USDC into Hyperliquid over the past 12 hours to build long exposure to silver via the on-chain $SILVER market. According to @lookonchain, the address opened a 1x long on 17,305 SILVER worth about $1.49M, with roughly $1.66M in additional limit buy orders still waiting to be filled.

According to @simplykashif, gold saw more than 6.3 trillion in market capitalization erased within 24 hours, described as the largest drawdown in history, source: @simplykashif. Silver reportedly fell over 35 percent, dropping below 75 per ounce in its worst single day in 46 years, source: @simplykashif. The post also claims over 15 trillion vanished from global markets in 48 hours, signaling extreme risk-off and acute volatility, source: @simplykashif. For traders, this points to elevated gap risk and potential forced deleveraging; closely monitor XAUUSD and XAGUSD for liquidity pockets, volatility spikes, and range breaks, source: @simplykashif.

According to @w_thejazz, silver saw a reported 32% intraday drop, the largest since 1980, while Shanghai spot traded near 122 versus roughly 85 in US markets, implying a 44% premium and a major cross market dislocation (source: @w_thejazz citing BullTheoryio). The post alleges heavy COMEX paper selling and an extreme paper to metal imbalance, highlighting elevated basis risk for XAGUSD and the need for traders to track futures spreads, deliverability, and liquidity conditions across COMEX and Shanghai (source: @w_thejazz).

According to @w_thejazz, citing @WallStreetMav, COMEX paper silver is around 84 dollars per ounce while Shanghai pricing is near 122 dollars per ounce, with a smaller decline in China; Source: https://twitter.com/w_thejazz/status/2017397694118215802; https://x.com/WallStreetMav/status/2017323020377801174. This highlights a wide cross market price spread between Western paper contracts and Chinese pricing that traders can monitor for basis risk and execution slippage; Source: https://twitter.com/w_thejazz/status/2017397694118215802; https://x.com/WallStreetMav/status/2017323020377801174. The posts characterize the move as wild, underscoring unusual dispersion that could affect hedging alignment across venues; Source: https://twitter.com/w_thejazz/status/2017397694118215802; https://x.com/WallStreetMav/status/2017323020377801174.

According to Santiment, ongoing debates about profits rotating from precious metals into cryptocurrencies were met with an unusual split: gold fell more than 8 percent and silver more than 25 percent, while Bitcoin (BTC) and altcoins remained flat, indicating limited cross asset spillover on the day (source: Santiment).

According to @EricBalchunas, seven of the top 11 most traded ETFs were commodities focused on gold, silver, and bitcoin. According to @EricBalchunas, SPDR Gold Shares GLD posted its highest ever trading volume, about 50 percent above its previous record. According to @EricBalchunas, iShares Bitcoin Trust IBIT and iShares Silver Trust SLV each recorded a top five all time volume day.

According to @lookonchain, wallet 0x8709ac3CeaAe2a7A70c1D8e39DF9804def7cAC54 spent 5.6M USDC to buy 1,066 XAUT at 5,261 and then deposited 3.5M USDC to Hyperliquid to open longs sized at 53,528 SILVER (6.48M) and 158.36 GOLD (876K), while shorting 4,229 NVDA (809K). According to @lookonchain, these flows show the address is positioned long precious metals via XAUT, SILVER, and GOLD and short NVDA via Hyperliquid.

According to @KobeissiLetter, commodities have been rising more than 5% across the board, with gold, silver, copper, and platinum at record highs, energy prices rebounding, and the S&P 500 (SPX) at 7000. According to @KobeissiLetter, this backdrop supports momentum-focused long setups in metals and energy and relative-strength rotation into resource-linked equities and ETFs tied to gold, silver, copper, and energy. According to @KobeissiLetter, traders should manage overextension risk around record highs with defined stops and plan for potential pullbacks while the cross-asset trend remains favorable.

According to Charlie Bilello, multiple U.S. macro indicators are at extremes: stocks, home prices, gold and silver, money supply, and national debt are all at all-time highs, CPI inflation has run above 4% per year since 2020—more than twice the Federal Reserve’s target—and the Fed is expected to cut interest rates two more times this year, underscoring elevated asset prices alongside ongoing rate-cut expectations (source: Charlie Bilello).

According to Eric Balchunas, silver extended its rally with trading volume surging, as SLV recorded two days of volume equal to its entire first half of 2025, yet silver ETFs still saw moderate outflows, while GLD attracted inflows during its own advance (source: Eric Balchunas on X). This highlights an ETF flow divergence in silver where price and turnover are rising but fund ownership is not confirming, a key consideration for traders tracking SLV liquidity and ETF flow confirmation signals (source: Eric Balchunas).

According to @KobeissiLetter, trading volume in the largest silver-backed ETF, SLV, hit a record $40 billion, roughly 15 times its average daily volume, tripling the prior peak from 2011 and ranking as the highest turnover among all assets that day (source: @KobeissiLetter). Based on this @KobeissiLetter-reported surge, traders should note that such volume shocks often coincide with heightened intraday volatility and liquidity concentration in silver-linked instruments, making execution quality and risk controls critical around SLV and related exposures (underlying volume data source: @KobeissiLetter).

According to @EricBalchunas, SLV traded about 40 billion in shares in the last session, surpassing its entire Q1 last year total of about 35 billion and signaling exceptional activity and liquidity (source: @EricBalchunas on X). According to @EricBalchunas, SLV options volume was described as in the stratosphere, indicating unusually heavy derivatives interest around the silver ETF (source: @EricBalchunas on X). According to @EricBalchunas, pre-market turnover reached about 1.5 billion and was roughly three times that of any other ETF, highlighting elevated participation into the open (source: @EricBalchunas on X).