No matter how intense the bonfire, it cannot hide the risks behind the celebration. The precious metals market has suddenly undergone a baptism—silver plummeted 10% overnight, palladium and platinum fell even more than 13%, and gold dropped over $200 from its high, with the early rebound completely turning into an arbitrage opportunity for bottom-fishers. The K-line is filled with chopped-up chips; who would still dare to reach out and pick them up at this point?

Who are the real losers? It’s those retail investors who hold long-term positions and never cut losses. They once made big money by holding long-term, so they trust their judgment deeply, believing "as long as I don’t sell, there’s hope." They haven’t experienced the dangers of the market, or have experienced too little. This year, silver surged over 170%, gold over 70%. Such extreme rises have long deviated from the essence of investment, and the entire market is filled with speculative sentiment. Watching prices keep hitting new highs, once they miss out, they feel they’ve lost, so they chase at high levels, only to be taken out by a sharp decline.

The rise of gold and silver is a climb, but the fall is a cliff jump. The profits earned over three months can be wiped out in an instant, just like falling from a high place straight into the valley. This decline left little room for rebound, continuing straight to the close.

But from another perspective, this sharp drop actually offers an entry opportunity for those who missed the upward phase. A cold shower has cooled everyone down. At this moment, rationally viewing market fluctuations and devising a plan for each entry might be the right attitude. Any market volatility, in essence, is redistributing participants’ chips; the key is which side you stand on.