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Silver is down 21% in the last 24 hours, and is now below last Friday's crash low. Why is this happening? When markets get chaotic and dysfunctional, the most vulnerable and most leveraged get taken out and killed first. This is somewhat analogous to the very early days of the pandemic. What were the markets that were killed first in early 2020? Not the ones that had anything to do with the primary driver (pandemic coming out of China), but the ones that were the most levered and the most vulnerable. For the last couple of months, that's been silver.