After surging, silver prices plunged sharply, showing signs of speculative trading retreating.

Media reports indicate that the parabolic rise in silver has clearly shown signs of fatigue, with the price movement increasingly resembling a "blow-off top." Silver reached a new historical high near $118 in New York at noon, but quickly gave back those gains.

On Monday Eastern Time, silver prices have continued to rise since the start of the Asia-Pacific session, hitting a historical high of $117.7132 at 02:03 Beijing time, with gains reaching as much as 14%—the largest single-day increase since 2008.

However, the subsequent pullback was very sudden: Shortly after the US stock market closed on Monday, silver had nearly given up all its gains for the day, followed only by a very limited rebound, ending the day with a final gain of less than 1%.

COMEX silver futures rose 1.45%, quoted at $102.790 per ounce, hitting an intraday historical high of $117.700 at 02:03 before giving up gains.

Media analysis states that this clearly reflects that, after consecutive days of momentum-driven and chase-buying-dominated trading, this round of gains has become extremely fragile.

Analysts believe this large pullback raises the risk that the speculative phase of this rally may have come to a temporary halt. Nevertheless, from a broader perspective, a weaker US dollar and heightened geopolitical tensions continue to provide overall support for precious metals.

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