Nine o'clock in the morning the next day.
Era Vanguard New York Office.
Manhattan outside the window is still busy.
But in Trading Room, most of the screen on Silver has been removed.
The home screen no longer displays SLV.
The real-time handicap of Silver Options is no longer displayed.
Instead, there is a monitoring map of global assets and industrial metals.
Chen Mo sat in front of the trading desk and sent the last settlement data to the big screen of Meeting Room.
She and Zhang Qingxue just arrived at New York.
The numbers are very simple.
Silver Project: Ended.
Six SPVs: All clearance.
Initial investment: approximately 83 million US Dollar.
Final net profit: approximately 360 million US Dollar.
There is no applause in Meeting Room.
Zhao Chen sits at the front.
On the left are Chen Xi and Shen Zhiyi.
Zhang Qingxue is sitting on the other side with compliance materials in front of him.
Lin Shicheng accesses New York office through Video Conference.
This is the first complete review after the Silver campaign.
Chen Xi clicks to open the first research report.
"First point."
she said.
"Silver and GME, on the surface, have the characteristics of concentrated retail investor sentiment, active trading of Options, and rapid spread on social media."
"But the underlying structure is completely different."
Two comparison pictures appear on the screen.
On the left, is GME.
On the right, is Silver.
Chen Xi continued:
"GME is essentially a single stock."
"It has a clear tradable share structure, Short Position concentration, institutional positions and bond borrowing relationships."
"When the price rises rapidly, Short Sellers closing positions, Options Gamma effect and retail investors chasing the increase will form obvious positive feedback."
"And this feedback can be focused on a very limited trading target."
Zhao Chen nodded.
"Continue."
Chen Xi switches to Silver.
"Silver is different."
"It's a global commodity."
"Spot, futures, ETFs, Options and trading markets in different regions together constitute a huge liquidity pool."
"The players are also far more complex than a single stock."
"Therefore, it is not suitable to replicate GME's continuous lock-up Short Squeeze."
Zhao Chen took the call.
"Yes."
"What we do is emotional pulse."
"It's not about controlling the market."
Shen Zhiyi opens another Model.
"The second question is why you quit."
A Silver price curve appears on the screen.
The curve is rising.
But another curve representing the intensity of active buying has begun to flatten.
Shen Zhiyi points to two lines.
"Since the price broke through 30 US Dollar, market sentiment quickly entered the high zone."
"Options transactions continue to increase."
"But the growth rate of active Buying Pressure began to decline."
"The subsequent rise will increasingly rely on Options Gamma hedging, passive funds and emotional inertia."
Zhao Chen looked at the screen.
"That is to say."
"Prices are still reaching new highs, but the forces driving prices to new highs have not increased simultaneously."
Shen Zhiyi nodded.
"Yes."
Chen Xi added:
"Our Model defines this state as a high divergence."
"It's not an immediate drop."
"But the marginal efficiency of rising began to decline."
Zhao Chen leans back on the chair.
"So we're not waiting for the market to tell us when it's going to end."
"We decide when it's over."
No one spoke.
Because this is the biggest difference between this transaction and GME.
The key to GME is to wait for the structure to be completely squeezed.
The key to Silver is to recognize when emotions are expensive enough.
Zhang Qingxue Open the file.
"One more question."
"Is the structure of Six SPVs worth preserving this time?"
Zhao Chen nodded.
"Worth it."
Zhang Qingxue said:
"The biggest significance of Six SPVs is not to avoid supervision."
"Instead, funds, trading authority and execution risks are isolated."
"All transactions are independently recorded."
"The transaction path of each account can also be restored."
Zhao Chen nodded.
"This is necessary."
Shen Zhiyi glanced at him.
"This time we did not hit the red line that would require additional disclosure."
"But as the scale grows in the future, the less we can rely on experience."
Zhao Chen smiled.
"That's why we need a system."
"It's not because we don't trust ourselves."
"It's because people's memories can be deceiving."
"The system won't."
Shen Zhiyi said no more.
She knew very well that this sentence was actually the reason why Zhao Chen had been promoting the institutionalization of Henglong and Era Vanguard.
Traders make mistakes.
Managers make mistakes.
Even Zhao Chen himself makes mistakes.
But if all decisions are fully documented, they can be broken down later.
What is judgment.
What is luck.
What is Model.
What just happens is that the market gives the opportunity.
Ten forty in the morning.
The screen of Lin Shicheng lights up again.
"One more thing."
Zhao Chen looks up.
"Say."
Lin Shicheng opens an internal purchasing report.
"Nickel."
The atmosphere in Meeting Room changed slightly.
What appears on the screen is the statistical data of Europe warehousing, Asia Bonded Zone and several warehousing nodes.
Lin Shicheng continued:
"Purchasing is still proceeding at the original pace."
"Warehouse and delivery nodes have been dispersed."
"No concentrated exposure occurred."
"External markets are not paying significant attention at the moment."
Zhao Chen asked:
"Purchase cost?"
Lin Shicheng reports a set of intervals.
Chen Qiming quickly made a simple calculation on paper.
"If growth continues at the current scale..."
He didn't finish his sentence.
Zhao Chen already understands.
This is not a short-term transaction.
Nor is it a bargaining chip for the next social media frenzy.
This is an industrial resource.
It's the real thing.
It is something that can really generate value in an extreme market environment in the future.
Zhao Chen looked at the warehousing nodes on the screen.
"Continue."
Lin Shicheng nodded.
"Understood."
"And."
Zhao Chen added.
"Don't let people from the Silver project touch nickel."
Lin Shicheng was stunned.
Then he nodded.
"Understood."
"The two systems are completely separate."
"Research, procurement, warehousing, funding and personnel all continue to be quarantined."
Zhao Chen is now satisfied.
Twenty past eleven.
Chen Xi suddenly asked:
"Zhao Zong."
Zhao Chen looks up.
"Silver Is it just to make money?"
Zhao Chen was silent for two seconds.
"Of course you make money."
Chen Xi smiled.
"I know."
"But I think it's more than that."
Zhao Chen did not answer immediately.
Chen Xi looks at the screen.
"We have been increasing industrial metals research since last year."
"From nickel to copper, to the New Energy industrial chain."
"Silver This round suddenly turned into a very short financial project."
"Looks like an isolated incident."
"But looking back now, it actually allowed us to re-verify a set of things."
Zhao Chen asked:
"What?"
"How to misalign between market sentiment and industry cycles."
Chen Xi said.
"What capital markets see is price."
"What the industry sees is inventory, capacity, Supply Chain and real demand."
"Prices can change dramatically in a matter of days."
"But changes in the industrial chain may take several years."
Meeting Room is quiet.
Zhao Chen looked at her.
"Continue."
Chen Xi said:
"If we only do financial transactions, then we have to look for the next GME and the next Silver every time."
"But if we can see the industry cycle ahead of time..."
She didn't continue.
Because the answer behind is already obvious.
Zhao Chen leans back on the chair.
"So you think finance is just a means?"
Chen Xi nodded.
"At least it shouldn't be the end."
Zhao Chen smiled.
"This sentence can be left in the research report."
Chen Xi also laughed.
"I've already written it in."
Three o'clock in the afternoon.
Silver market is still being discussed.
News headlines are still changing.
Social media is still buzzing.
But Era Vanguard did not send any traders to participate.
Silver has changed from "transaction target" to "research case".
Chen Xi looked at the last report.
At the bottom of the report is a sentence left by Zhao Chen himself.
She read it out:
"You can use emotions, but you can't be part of them."
It's very quiet in Meeting Room.
This sentence doesn't seem to sum up Silver.
It's more like summarizing all the extreme market conditions they have experienced in the past few years.
From the earliest market fluctuations.
To the subsequent capital operations.
Then to GME.
And again this time Silver.
They are becoming more and more aware of one thing.
The real danger is never market madness.
But when the market goes crazy, people think they won't go crazy.
No one knows.
Behind this vigorous financial frenzy Silver, a completely different line is slowly extending.
It doesn't have social media.
There are no retail investors.
There is no live broadcast.
There is no such thing as "Short Squeeze".
Only warehouse.
contract.
Delivery standards.
transportation routes.
Inventory data.
And ton after ton of silent increasing metal.
Silver is a smokescreen in the spotlight.
Nickel is becoming a real long-term bargaining chip.
Zhao Chen stood up.
"We're here today."
Chen Xi Collapse information.
Before leaving, she suddenly stopped.
"What's next?"
Zhao Chen did not answer immediately.
He walked to the window.
Manhattan The sunset falls on the glass curtain wall.
After a moment, he looked at the table.
There is a Asia market research material that was just delivered.
But he didn't open it.
He just reached out and pressed the cover.
"Next step."
Zhao Chen said softly.
"Let's look at the market first."
Chen Xi nodded.
No further questions were asked.
People in Meeting Room left one after another.
Only Zhao Chen is still standing in front of the window.
Silver has ended.
After a battle is over, what really needs to be done is never to immediately look for the next battle.
But confirm--
Have you ever started to believe that you will not make mistakes because of your last victory?
The lights outside the window gradually turned on.
And the Asia market information that has not yet been opened is lying quietly on the table.
On its first page, there are only a few eye-catching names:
Wuliangye.
Shanxi Fenjiu.
Spend Core Assets.
and--
Bidiya.
Zhao Chen took a look.
Not opened.
He just reached out and turned off the office lights.
The Silver battle is officially over.
The next card hasn't fallen yet.