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How Chinese speculators set the stage for gold and silver crash
By Jack Ryan
Bloomberg News
via Yahoo News, Sunnyvale, California
Sunday, February 1, 2026
In the history of the silver market, prices had traded above $40 an ounce for only a handful of brief periods before last year. On Friday exhausted traders watched in shock as the precious metal plunged by that much in less than 20 hours.
For weeks traders across the metals world have spent their nights glued to screens as prices for everything from gold to copper and tin seemed to break free from the gravity of supply and demand fundamentals, spurred higher on a wave of hot money from speculators in China.
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And then, in just a few hours, the rally reversed into one of the most dramatic crashes ever seen in commodity markets. Silver's 26% plunge on Friday was the biggest on record, while gold dropped 9% in its worst day in more than a decade. Copper traders were already reeling after a sudden spike past $14,500 a ton that unraveled just as fast.
"It's definitely the wildest that I have seen," said Dominik Sperzel, the head of trading at Heraeus Precious Metals, a leading bullion refiner. "Gold is a symbol of stability, but such a move is not a symbol of stability." ...
... For the remainder of the report:
https://finance.yahoo.com/news/chinese-speculators-set-stage-gold-120029836.html
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