Markets don’t break on price.
They break on behaviour.
For years, large daily moves in silver were rare.
Around 1% of the time.
Today, they show up closer to 20% of days.
Not just bigger moves —
more frequent ones.
We’ve seen stress before.
During the GFC:
Extreme moves appeared — then disappeared.
This time feels different.
Less explosive.
More persistent.
And it starts where price is set:
Futures.
When volatility rises there,
the exchange responds.
Margins go up.
Positions get forced out.
Liquidity pulls back.
Then it spreads:
Futures → Spot → Physical
And by the time it reaches price,
the system has already changed.
So what?
The price can move before you can act.
The shift isn’t just in price —
it’s in how the market works.
