The last time I traded bulk commodities was when silver was at $18, on the night trading session when the market opened. I went short and lost $5,000. Just two hours later, silver surged ahead, breaking through $30 all the way. A few days ago, it fell freely, causing many to get liquidated or even go bankrupt. I’ve always said that breaking $1000 in gold and $25 in silver are very frightening events. For me personally, $21.89 is a critical price level. If it exceeds that, I will no longer touch it because I can't understand the market trends. For globally integrated commodities like gold and silver, there must be a strict price benchmark. Because the prices of bulk commodity futures ultimately return to fundamentals and cannot deviate from them. This recent rise is driven by global demand, not just a single country. In other words, the pricing power lies in the world, not in any individual or event. Many people say that demand for photovoltaics, chips, AI, computing power, and so on will surge, making supply very scarce in the future. What I want to say is that behind every market movement, there are drivers, and each driver has limited power. Where does the momentum go? Where does the price go? These require very detailed calculations to determine. When silver exceeds $21.89, it’s already driven by emotion, completely detached from fundamentals. At this point, the main players start to dump, emotions subside, panic ensues, and stampedes happen. The combined force of pushing prices up can instantly turn into a force pushing prices down. My feeling is that everyone is long, why go long? Because right now, as long as you go long, you can make money. That’s the only reason, no different from gambling. Currently, the daily mining output and full-capacity mining output of silver are vastly different; if all mines operate at full capacity, supply will definitely exceed demand. So, in the future, silver may fluctuate within a wide range, with the main players continuously pushing up and smashing down until the overly emotional traders are cleaned out, and then it will stabilize. The bottom price of silver is roughly around 18 yuan, and the rise won’t exceed 23 yuan. At present, market sentiment has cooled significantly, and there’s not much room for upward movement. Be careful not to buy at the top during rallies.