**Silver ETFs Plunge Sharply Amid Speculative Unwind** Silver Exchange-Traded Funds experienced a massive sell-off on Thursday, registering precipitous declines of **15–20%**. This collapse significantly exceeded the movement in underlying spot silver prices, which saw only a modest pullback. The stark divergence between the ETFs and spot prices shocked investors following a recent record-breaking rally. Market dynamics suggest this volatility was driven by the aggressive unwinding of speculative positions. Further exacerbating the decline was potential forced selling triggered by margin calls, causing the funds to trade at a steep discount relative to the metal’s spot performance.