The core reason for the silver plunge stems from market panic over the new Chairman Warsh Kevin Warsh's pricing. 1. Main cause of the plunge: Giving sugar with one hand and drawing blood with the other. Warsh advocates "balance sheet reduction and replacement": although he agrees with interest rate cuts, he plans to accelerate the withdrawal of market funds (balance sheet reduction). This is disastrous for silver and Bitcoin, which rely on hot money, equivalent to draining the water from the funding pool, triggering a sell-off. 2. Hawkish nature: Although Warsh is an ally of Trump, he fundamentally opposes unlimited money printing. The market believes that after he takes office, "money will decrease," leading to a collapse in asset prices. 3. The only glimmer of hope: political infighting. Warsh has not yet secured a firm position. Senate Republicans, dissatisfied with Trump's use of judicial means to investigate current Chairman Powell, have threatened to block his nomination.