Are you all stunned—silver spot prices are still soaring, yet the LOF fund has hit two consecutive limit downs. What's really going on?

Actually, there's nothing magical about it. Earlier, this fund was pushed to an absurd premium level by a group of trend-following retail investors, soaring to over 50%. In such a crazy market, who cares about the market data?

Even after two limit downs, it still maintains about a 30% premium— in other words, those who bought in a few days ago paid roughly 150 for something that’s only worth 100. They were definitely taken for a ride.

Of course, if you pass the risk to the next buyer in time, you wouldn’t lose much. But this goes back to the essence of investing: never hold any illusions. The market is always testing your rationality.