Following an unprecedented rally in recent weeks, the precious metals market experienced a severe downturn on Friday, with gold and silver prices crashing dramatically. Gold recorded its most significant single-day slide in four decades, plummeting over 12% in what marks the largest daily decline since the early 1980s. Silver, meanwhile, posted a record intraday decline, plunging more than 36% as the selloff rippled through the broader metals markets.
Market Figures and Reactions
By the close of trading on Friday, gold had dropped to approximately $5,068 (AUD 7,282), while silver settled at $98.50 (AUD 141.50). This sharp reversal, though not entirely unexpected, sparked intense reactions from netizens across social media platforms, who expressed shock and skepticism over the sudden market movements.
Social Media Buzz and Investor Sentiment
Social media users were stunned by the abrupt crash in gold and silver prices. Some compared the market graph of these precious metals to Dubai's iconic Burj Khalifa, highlighting the steep fall, while others questioned whether this signals the end of the recent boom.
One user remarked, "Gold & Silver tumble like never before in recent history. BOOM.. Is this the end of the rally?"
A skeptical investor suggested manipulation, stating, "Seems to me pretty obvious that the silver crash was manipulated." They elaborated, "They wanted to get rid of their shorts at $75 to not go bankrupt. So that is what they did on the last day of the month. Nothing changed hands. The comex is a scam."
Another user pointed out broader economic factors, saying, "Metals don’t just track supply and demand. They also mirror INR stress and global policy shocks, rather than RBI comfort lines."
Expert Insights and Market Analysis
A netizen noted the harsh reality of market corrections, commenting, "Deep correction in metals after the spectacular rally. Single-day cuts are harsh and ruthless." They emphasized the importance of profit-taking, adding, "This is where caution matters, book some profits off the table. Profit-taking is an art. Learn it."
Another observer reflected on market volatility, stating, "Markets reminding everyone who’s in charge. After a historic surge comes a historic reset — volatility is the price of admission. The pavilion stays open, but only for those who respect risk."
In a lighter vein, a user joked about Indian women as savvy investors, saying, "My wife & mom been stacking gold/silver for years. Everyone laughed. They kept buying. Now look who's winning. Indian women = OG investors. Best financial advisors? Right at home."
Another investor expressed hope with the phrase, "Apna time ayega…yahi bol sakte hai."
Market Expert Perspective
Market expert Rakesh Bansal claimed that the silver hype was built on a speculative bubble. "That bubble finally burst yesterday. Silver prices crashed by a massive 30% in just one single day! It was a sharp drop that caught many off guard."
He added, "I saw it coming. I said silver was overbought right when it was truly overbought. You know, it takes real courage to call something overbought when it’s flying high. That’s because others were too fearful to say it out loud—they were worried about missing out or going against the crowd."
This historic selloff underscores the inherent volatility in commodity markets, serving as a stark reminder for investors to balance optimism with caution in their financial strategies.
