10:27 a. m. ET.
The price of Silver is still standing above the thirty-one US Dollar.
31.03.
31.18.
31.27.
Numbers jump rapidly on the screen.
Inside the Manhattan top floor Suite, no one cheered.
Because everyone knows it.
The really tense moment begins now.
Zhao Chen sat in front of the trading desk, his eyes slowly moved from the XAG/USD market to SLV Options Chain.
Buying Pressure is still crazy.
Call Trading Volume who are thirty US Dollar and above are still being refreshed.
Options, which is farther away from Strike Price, also began to see unusually active transactions.
Shen Zhiyi took a look at the data just sent back by Research Institute.
"Retail investors are still at Add Position."
"And it's faster than before."
Zhao Chen asked:
"Where is Implied Volatility?"
"Still going up."
"Gamma?"
"Market Maker's forward hedging is not completely over yet."
Zhao Chen nodded.
This means one thing.
The market has not reached its true end yet.
But it also means--
Their exit window is shortening rapidly.
"Chen Mo."
Zhao Chen opening.
"Phase One starts."
New York In front of the trading table, Chen Mo immediately sat up straight.
"How much does it cost?"
"According to the original plan."
"Don't go for the highest price."
Chen Mo nodded.
Six separate accounts were opened in front of him at the same time.
Six SPVs.
Six completely different trading paths.
No account will have a sell order large enough to attract the market's attention.
All positions are split into numerous small orders.
Then get involved in Trading Volume, which has a huge market.
The first order is completed.
Then came the second stroke.
The third stroke.
Silver on the screen is still rising.
31.31.
31.36.
31.42.
Su Wantang stood behind Zhao Chen, looking at the rising prices.
"We're selling, and it's still going up."
"Normal."
Zhao Chen answered.
"Because the current Buying Pressure is far more than the position we need to exit."
"And they have no idea we're selling it."
Su Wantang was silent for a moment.
"Is this the liquidity you're talking about?"
"Yes."
Zhao Chen looks at the handicap.
"A truly good exit is never to sell after the price drops."
"But when everyone is willing to buy, give them your chips."
Shen Zhiyi Turn sideways.
"But what if it continues to rise?"
Zhao Chen didn't hesitate.
"Keep selling."
"The faster it goes up, the more it needs to be sold."
She looked at his profile.
At that moment, she suddenly understood something.
Zhao Chen is no longer concerned about how much Silver can rise.
It's about how many people in the market are willing to take the final bargaining chip.
Ten thirty-six.
Phase One execution completed.
Chen Mo took off one earphone.
"The first batch of positions has been exited."
"Mainly Deep In the Money Call and high delta contracts."
Zhao Chen asked:
"Transaction status?"
"Very smooth."
"The market didn't notice clearly."
"Continue."
No celebration.
There is no pause.
Phase Two will start immediately.
The exit this time was from short-term, high-volatility Options.
These contracts look the most attractive at the moment.
Because Silver is rising fast enough, the short-term yield of Options is expanding crazily.
But Zhao Chen knows better than anyone.
The greatest value of this kind of contract is precisely when the market still believes that it will continue to rise.
Once the rise stops.
Time Value will disappear quickly.
Once Implied Volatility falls back, the price may even shrink rapidly without the underlying stock falling sharply.
"All according to plan."
Zhao Chen said.
"Don't be obsessed with fighting."
Chen Mo Confirm again.
The order begins to be executed.
Ten forty-three.
Silver rushes to 31.50 US Dollar.
The entire market cheered again.
In CNBC's live broadcast, the host has begun to discuss whether Silver can continue to challenge higher prices.
The discussion on social media is even crazier.
Someone started shouting 35 US Dollar.
Someone directly shouted 40 US Dollar.
Some people have even started to compare Silver with GME.
Shen Zhiyi glanced at the phone.
"There have been a lot of 'Silver Squeeze 2.0' posts on Reddit."
Zhao Chen smiled.
"Very good."
"Why?"
"Because by the time the market starts to put a name to a move, sentiment has usually already gone a long way."
Su Wantang asked:
"Do you think they're actually going to turn this into a second GME?"
"No."
Zhao Chen shook his head.
"At least not in the GME way."
"Why?"
"GME is a stock."
"Circulating Supply, Short Sellers structure, Options Chain and market size are completely different."
"Silver's plate is too big."
He pointed at the screen.
"So this time, what can really be exploited is not long-term lock-up."
"It's emotion."
Shen Zhiyi nodded slightly.
Research Institute's previous post Model has reached the same conclusion.
Silver The real trading opportunity is never to turn it into a stock.
Rather, it takes advantage of the huge gap in expectations formed in a short period of time.
Eleven and two minutes.
Phase Two ends.
Chen Mo reports:
"Most of the second batch of positions have been exited."
"Currently remaining positions..."
He glanced backstage.
"There is still a market value of more than 60 million US Dollar."
Zhao Chen did not order immediately.
"How many of these are remote contracts?"
"Most of it."
"Keep."
Chen Mo is a little surprised.
"Not sure yet?"
"Unclear."
Zhao Chen looks at the screen.
Silver is still standing above 31 US Dollar.
31.44.
31.51.
31.47.
The price began to show its first obvious high sideways movement.
The curve that was climbing crazily just now paused for the first time.
The data of Research Institute is refreshed synchronously.
Shen Zhiyi After reading it, his voice became lower.
"The contribution margin of Gamma hedging is starting to decline."
"Market Maker is no longer forced to buy after Spot like just now."
"Retail investors' initiative Buying Pressure has also begun to diverge."
Zhao Chen nodded.
"That's what really needs to be observed."
Su Wantang asked:
"Not the price?"
"Price is just the result."
Zhao Chen said.
"What we really need to see is whether the forces driving prices up have changed."
He zoomed in on the screen.
"As long as there is a large amount of active Buying Pressure, we will continue to sell."
"But if the active Buying Pressure starts to decrease..."
He paused.
"That means the most important window has passed."
11:18.
Silver suddenly goes up again.
31.63.
One second later.
31.67.
The entire market increased in volume instantly.
Chen Mo raised his head.
"Another round of concentration Buying Pressure."
Zhao Chen took a look.
"Phase One has remaining positions, don't move yet."
"Wait a minute."
No one spoke.
Ten seconds later.
Prices shot higher again.
31.71.
31.74.
Emotions are heating up again on social platforms.
And Zhao Chen finally smiled.
"Now."
Chen Mo understood immediately.
"Second round of reduction?"
"Yes."
The remaining short-term Options began to exit again.
This time, the transaction speed is faster than before.
Because the market has entered the craziest stage of changing hands.
Someone is chasing the rise.
Someone is covering their positions.
Some people are afraid of missing out.
There are also people who have just made their first money and are ready to reinvest the profits into the next call.
And their bargaining chips were swallowed up bit by bit by the market.
Eleven thirty-six.
Chen Mo reports again:
"The second round of position reduction is completed."
Zhao Chen nodded.
"The remaining positions will be retained."
Shen Zhiyi looked at him.
"Still waiting?"
"Yes."
"What are you waiting for?"
Zhao Chen looked at the screen.
"Waiting for the first real retracement."
"Only when the market pulls back for the first time will we know who really believes it and who is just chasing the rise."
The room became quiet again.
Silver price is still high.
Market sentiment remains strong.
The media still talks about higher goals.
But Zhao Chen is already waiting for the next signal.
Just then.
Shen Zhiyi's phone vibrated.
She glanced down.
"Lawyer Lin."
Zhao Chen Turn your head.
"What's going on?"
"Nickel."
She opens the encrypted message.
"The two storage nodes Rotterdam and Shanghai completed a new round of Spot delivery today."
Zhao Chen asked:
"Total amount?"
"It's over 27,000 tons."
Su Wantang Hearing this number, his expression changed slightly.
Silver just experienced a crazy time.
But where no one can see it, they have quietly held another industrial metal in their hands.
Zhao Chen didn't say much.
Only four words were replied:
Continue with the plan.
Shen Zhiyi Put away your phone.
"Do you want to pause?"
"No."
Zhao Chen shook his head.
"Silver is Silver."
"Nickel is nickel."
"Don't change the rhythm of another market just because of the fluctuations in one market."
He looked at Silver again.
31.68.
31.62.
31.70.
Handicap remains fierce.
Zhao Chen slowly leaned back in the chair.
"Silver is not over yet."
"But our exit has already begun."
Eleven fifty-two.
Silver fell below 31.50 for the first time.
There was no plunge.
It even quickly pulled back to 31.60.
Ordinary traders will only regard it as a normal shock.
Zhao Chen has already picked up the tablet on the table.
He looked at the price curve that had just formed.
Then he said to Chen Mo:
"Check the final stage of the execution plan again."
Chen Mo nodded.
"Understood."
Zhao Chen glanced at the time.
Eleven fifty-three.
There is still enough time before the market really enters the next round of gaming at noon.
He didn't leave in a hurry.
Because the real liquidation is never an order.
It's a patient war.
Outside the window, Manhattan sunlight passes through the glass curtain wall.
Silver is still shining.
And Zhao Chen knows.
The countdown to the last period of liquidity belonging to this carnival has begun.
Clearance countdown, officially entered Phase Two.