New York time, 4:17 p. m.
The price of Silver has returned from above 32 US Dollar to around 31.8 US Dollar.
The K-line on the screen no longer extends upward as crazily as before.
Every time it rebounds, it starts to become sluggish.
Every time it reaches a higher level, more Trading Volume is needed to maintain it.
Era Vanguard New York Trading Room is much quieter than before.
No one cheered.
No one is discussing whether Silver can rise to 35 US Dollar or 40 US Dollar.
Chen Mo was sitting in front of the trading desk, staring at the position page of Six SPVs.
The last row of numbers is constantly changing.
"New York Spot and SLV's Trading Volume are still high."
Chen Mo raised his head.
"But the active Buying Pressure has dropped significantly."
Zhao Chen glanced at the time.
16:19.
"The last batch."
The voice of Lin Shicheng came from the conference system.
"Six SPVs is all ready."
"The remaining positions are mainly the last remaining far-end contracts and a small number of high-delta positions."
Zhao Chen nodded.
"Start."
There is no countdown.
There is no such thing as a final charge.
There is not even an obvious accumulation of sell orders.
Six SPVs followed the previously established rhythm and split the last part of the position into a large number of small orders and dispersed them into the market.
First transaction.
The second stroke.
The third stroke.
There was no significant change in the handicap.
The price of Silver even bounced back to 31.92 US Dollar at a certain moment.
Chen Mo glanced at Zhao Chen.
"The market has not found it."
Zhao Chen has no answer.
He just stared at the screen.
Because this is what he has been waiting for.
It's not a price collapse.
It's not a market panic either.
But--
When the market still believes in rising prices, give your chips to those who are willing to take over.
16:27.
The last positions of the first batch are completed.
The second batch continues.
16:34.
The position of Six SPVs further decreased.
16:41.
The last part of the high delta position is filled.
The price of Silver remains above 31.8 US Dollar.
Didn't collapse.
There was no plunge.
There were not even obvious abnormal fluctuations.
Su Wantang stood on the other side of Meeting Room, looking at the numbers on the screen.
"So... it's really over?"
Zhao Chen glanced at her.
"Just the last bit left."
Chen Xi came over.
In her hand she held the transaction summary she had just printed.
"The remaining position is less than 2% of the initial investment."
Zhao Chen nodded.
"Clear it."
Chen Mo Continue execution.
16:46.
First transaction.
16:48.
The second stroke.
16:51.
The third stroke.
The position number of the last SPV changed from a very small number to zero.
Chen Mo stopped for a few seconds.
Refreshed it again.
"Six SPVs."
"Silver related positions, all cleared."
It's quiet in Trading Room.
There was no applause.
No celebration.
There is only a string of position numbers in the lower right corner of the screen that have been reset to zero.
Zhao Chen leans back on the chair.
Finally let out a long breath.
From the first time I established the SLV Options position, I have all exited it today.
This Silver battle that lasted for several days finally came to an end.
17:03.
Chen Qiming rushed over from another office.
"The return of funds has begun."
He put a summary sheet on the table.
"The settlement funds of Six SPVs will be returned to the parent account according to the previous path."
"The total initial investment is approximately 83 million US Dollar."
"After deducting transaction costs, financing and various expenses, the current estimated net profit is approximately 360 million US Dollar."
Su Wantang looked at the number and was silent for a few seconds.
Three hundred and sixty million US Dollar.
For ordinary investors, this is a life-changing number.
But here at Zhao Chen, it only means one thing.
A transaction is over.
Chen Xi continued:
"The current discussion on Silver in the market is still continuing."
"Social media still thinks the market may continue to rise."
"Some institutions are also discussing the target price after Silver breaks through 32 US Dollar."
Zhao Chen smiled.
"Then let them continue the discussion."
"We're not in there anymore."
17:18.
Shen Zhiyi walked in with the compliance report.
She didn't look at the benefits first.
Instead, he placed the file directly in front of Zhao Chen.
"The transaction records of Six SPVs have been archived."
"Every order has complete traces of time, price, account, instruction source and execution record."
"Options There is no abnormal crossover between opening, reducing, and closing positions."
Zhao Chen Open the first page.
Shen Zhiyi continued:
"Relevant fund sources and transfers between accounts are also completed in accordance with the previously set procedures."
"No unusual circumstances have been discovered that require additional disclosure or explanation."
Zhao Chen nodded.
"Save all."
"Including research reports, internal meeting minutes, transactions Model."
Shen Zhiyi looked at him.
"All?"
"All."
Zhao Chen Close the file.
"It doesn't matter how much money you make this time."
"If anyone asks in the future why we sold it at that time."
"We have to be able to answer."
Shen Zhiyi nodded slightly.
She knew that what Zhao Chen really wanted to keep was not a beautiful income figure.
It's a complete chain of evidence.
Why buy.
When to buy.
Why reduce positions.
Why don't you continue to hold it?
Why finally quit.
Every decision must be able to be re-verified many years later.
18:02.
New York The sky is getting dark.
CNBC's live broadcast is still discussing Silver.
The price at the bottom of the screen has returned to around 31 US Dollar.
The host is still talking about retail investor enthusiasm.
Posts on social media are still constantly being refreshed.
Some people think that 32 US Dollar is just the beginning.
Some people think that Silver will continue to hit higher positions.
Some people have begun to connect this market with the previous GME.
Zhao Chen stood in front of Floor-to-Ceiling Window, looking at Manhattan's gradually brightening lights.
Su Wantang walked to him.
"They're still excited."
"Hmm."
"And we're done."
Zhao Chen nodded.
"That's why it's called trading."
Su Wantang glanced at him.
"You never thought about taking it to the end?"
Zhao Chen was silent for a moment.
"No."
"Why?"
"Because we knew from the beginning that this was not GME."
His voice was calm.
"GME can rely on extreme chip structure, Short Sellers pressure and Circulating Supply restrictions to form a sustained Short Squeeze."
"Silver is different."
"It's too big."
"The market is too deep."
"Too many participants."
"When sentiment truly reaches its peak, the profit margin of continuing to hold may not be able to cover the risks."
Su Wantang said nothing.
Zhao Chen looked back at Trading Room.
Those screens are still on.
It's just that no one is keeping an eye on Silver anymore.
"What we ate was the most intense part of the meal."
"Let the market do the rest."
19:26.
The fund settlement of Six SPVs is gradually completed.
Chen Qiming sent again for confirmation.
"The first batch of funds has been returned to the parent account."
"The second batch is expected to be completed tomorrow."
"All Silver related positions have been cleared."
Zhao Chen replied with four words.
"Got it."
Then, he closed the main monitoring page of Silver.
This is the first time tonight.
The Silver market that occupied Trading Room for several days completely disappeared from the home screen.
Instead, there is another set of data.
Global Industrial Metals.
Nickel.
Copper.
aluminum.
Cobalt.
and inventory changes at major warehousing nodes.
Lin Shicheng noticed the screen switching and immediately understood what Zhao Chen meant.
"Nickel purchases continue."
Zhao Chen nodded.
"Continue."
"Don't change the rhythm."
"Understood."
No one mentioned Silver again.
Because in Zhao Chen's plan, Silver was never the ultimate goal.
It is just a short-term capital operation.
An exploit of market sentiment, liquidity and trade structure.
Things that really take time are still advancing slowly on another line.
20:11.
Shen Zhiyi completes the last internal confirmation.
"Silver project officially ended."
She paused.
"All transaction records, Fund Flow, research materials, risk assessment and compliance documents have entered the archiving process."
Zhao Chen nodded.
"Very good."
Chen Xi stood at the other end of the conference table and glanced out the window.
"This time, it's much shorter than GME."
Zhao Chen smiled.
"So you can't treat every opportunity as GME."
Chen Xi nodded.
She suddenly remembered the time when GME was at its craziest.
That time, they faced a single stock market that was almost out of control.
But this time, they knew from the beginning:
Silver can only do it quickly.
Can't go deep.
You can't fall in love with fighting.
Let alone become part of the market sentiment.
Zhao Chen sat down again.
The computer screen on the desk has switched to Asia market data.
He glanced at the date.
Then he said:
"Silver is over."
"Funds gathered."
"All research data are sealed."
"Starting from tomorrow, I will no longer take the initiative to pay attention to the price of Silver."
Chen Xi was slightly startled.
"Don't watch it at all?"
"Unless the research department needs it."
Zhao Chen paused.
"The transaction has ended."
"Once the transaction is over, don't participate in it a second time."
Meeting Room became quiet again.
Outside the window, New York night has completely fallen.
And while this city is still immersed in the discussion of Silver Euphoria, Era Vanguard has closed the last page of this battle.
Initial investment: approximately 83 million US Dollar.
Final net profit: approximately 360 million US Dollar.
Six SPVs: Exit all.
Silver position: cleared.
Funds fall into the pocket.
The battle is over.
But no one knows that behind the Silver craze, the industrial metal line that was laid out a few months ago is still moving forward silently.
The real bargaining chip never appears in the spotlight.
And Zhao Chen has also begun to wait for the next cycle that belongs to him.
This time.
Not overseas Silver.
But China market.