Silver has plummeted by more than one-third since its peak in January, with annual volatility exceeding 100%, setting a record in 1980. It is currently in a difficult bottom-finding stage. Retail investors bucked the trend and bought the SLV ETF at the bottom, while institutions cautiously left the market. Gold volatility is only 36, and central bank gold purchases support resilience. The short-term bottom of silver is not yet clear, and we should be wary of the break of the support of $60-65. The logic of a long-term supply gap of nearly 300 million ounces still exists.