Silver took a sharp 16% hit following the COMEX margin requirement increase. This triggered a cascade of forced liquidations among major traders who were caught in extended long positions. When margin hikes force accounts underwater, the resulting panic selling accelerates downward momentum. Late-entry bulls got caught in the crossfire as leveraged positions unwound rapidly. It's a textbook example of how interconnected leverage can amplify moves across financial markets—a pattern worth studying if you trade commodities or leveraged assets.