The precious metals market experiences intense volatility, with silver inventories plummeting and sovereign debt crisis becoming the focus.

(1) Affected by the Middle East conflict, global precious metals trading is experiencing intense volatility. Over the past week, the international gold price dropped from a peak of $5,400/ounce to around $5,100/ounce, while international silver prices fell by as much as 10%. (2) Willem, founder and CEO of the Commodity Discovery Fund, pointed out that the global financial structure has entered a period of fundamental adjustment, with the main catalyst being the rapid tightening of supply in the physical silver market. Data shows that silver inventories registered on the New York Mercantile Exchange (Comex) have fallen below 90 million ounces, a decline of more than 30% in just a few months. (3) Willem also warned that the main "black swan" event overlooked by the market is the sovereign debt crisis. As highly indebted countries approach the brink of fiscal collapse, a collapse in confidence in fiat currencies could force a massive revaluation of gold and silver to stabilize the financial system.