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Silver Sees ‘Epic’ Plunge Today, Peter Brandt Emphasizes Silver Miners’ Hedging Demand May Cause Supply-Demand Imbalance
BlockBeats News, January 30th. Renowned trader and chart analyst Peter Brandt, who successfully predicted the 2018 Bitcoin crash, hinted at silver risk in a post yesterday. Today, silver saw a historical plunge, with a daily drop of 14.16%, second only to the largest historical drop (which occurred after the Hunt Brothers' manipulation event collapse on March 27, 1980, "Silver Thursday," where prices plummeted over 50%-63% in a single day.)
This morning, Peter Brandt once again warned of the hype-driven risk of a silver price surge, pointing out that this week's Comex trading volume reached 4.3 billion ounces, equivalent to 5.2 years of global silver production, which may reflect miners' hedging rather than purely demand-driven factors. Brandt emphasized that mining companies would lock in profits at high prices, potentially leading to oversupply.
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