Silver prices plunged 30%, marking its worst day since 1980, with futures settling at $78.53 and spot silver dropping 28% to $83.45 an ounce. Gold also fell sharply, with spot gold down 9% to $4,895.22 and futures dropping 11.4%. The crash was initially triggered by reports of Kevin Warsh's nomination as Fed chair, which eased fears of Fed independence and caused the dollar to spike, making metals more expensive for foreign investors. The market experienced frenzied trading, driven by Chinese speculators who had fueled a rally of 66% in gold and 135% in silver in 2025, amid geopolitical tensions and dollar decline. The rapid reversal was exacerbated by leverage, options trading, and a sell-off in Chinese markets, with traders rushing to book profits. Experts warn that the recent overextension and crowded positions led to a sharp correction, with some analysts noting that the market was overheated and due for a correction after weeks of relentless gains. The event highlights how geopolitical factors, US political developments, and Chinese speculation can significantly impact precious metals markets.