Chicago raised its silver performance margin twice in a week, effectively increasing capital utilization and reducing leverage. This action reminds everyone of 1970, when the Hunter brothers forced the market short and started speculating on silver. Eventually, the exchange also took action, coupled with the Federal Reserve raising interest rates, and jointly killed down the silver price, resulting in the Hunter brothers' debt of billions of dollars. After more than 40 years, silver never regained its composure and fluctuated at a low level for a long time. But some people say that this time may be different. China accounts for over 20% of global silver exports and will implement a policy to restrict silver exports on January 1, 2026. The 2026 policy document positions silver as a "rare metal" with a more prominent strategic intention. This will have a certain hedging effect on the suppression of Zhishang. However, if the enthusiasm of capital speculation in silver is suppressed and only limited to the category of industrial products, silver will become "silver for use but not for speculation", and the speculation space for silver in 2026 will be greatly reduced. So, in my opinion, silver in 2026 is definitely not a high-quality investment product. It can be said that speculating on silver will ultimately only exacerbate inflation, causing harm but no benefit. On the contrary, what we should be looking for are the very vicious assets that will be exploited in 2025. Speaking of which, everyone knows what I'm going to say now. That must be some cryptocurrencies with underlying stocks represented by Bitcoin.