After a record-breaking rally in the last few weeks, the prices of gold and silver crashed on Friday. Gold suffered its biggest slide in four decades, falling more than 12% in its biggest daily decline since the early 1980s. Silver posted a record intraday decline, plunging more than 36%, as the selloff swept through the broader metals markets.
By the end of Friday, Gold had dropped to around $5,068 (AUD 7,282) and Silver at $98.50 (AUD 141.50).
Not totally unexpected, the selloff on Friday attracted sharp reactions from netizens on social media.
Here’s how the netizens reacted to the gold and silver rate crash:
Social media users are stunned by the sudden crash of the gold and silver prices, and while some likened the market graph of the precious metals to Dubai’s Burj Khalifa, others wondered if it really is the end of the boom.
“Gold & Silver tumble like never before in recent history. BOOM.. Is this the end of the rally?” a user asked.
A sceptical user said, “Seems to me pretty obvious that the silver crash was manipulated.”
“They wanted to get rid of their shorts at $75 to not go bankrupt. So that is what they did on the last day of the month. Nothing changed hands. The comex is a scam,” the user added.
Another user said, “Metals don’t just track supply and demand. They also mirror INR stress and global policy shocks, rather than RBI comfort lines.”
“Deep correction in metals after the spectacular rally. Single-day cuts are harsh and ruthless,” a netizen said, noting that irrespective of the market trends, taking the profit off your investments in an art. “This is where caution matters, book some profits off the table. Profit-taking is an art. Learn it.”
“Markets reminding everyone who’s in charge. 📉📈 After a historic surge comes a historic reset — volatility is the price of admission. The pavilion stays open, but only for those who respect risk,” said another netizen.
A user joked that Indian women are the true investors. “My wife & mom been stacking gold/silver for years 🪙✨Everyone laughed 😂 They kept buying 💰 Now look who’s winning 📈 Indian women = OG investors 👑Best financial advisors? Right at home.”
“Apna time ayega…yahi bol sakte hai,” said another investor.
Market expert Rakesh Bansal claimed that the silver hype was just based on a big bubble, inflated by speculation. “That bubble finally burst yesterday. Silver prices crashed by a massive 30% in just one single day! It was a sharp drop that caught many off guard.”
“I saw it coming. I said silver was overbought right when it was truly overbought. You know, it takes real courage to call something overbought when it’s flying high. That’s because others were too fearful to say it out loud—they were worried about missing out or going against the crowd,” he added.