Volatility started with short squeeze feeding on itself, then conspiracy theorists and technical traders created FOMO; recent silver buyers average $105 so sitting on big losses causing margin calls and averaging down; driven by misinformation like false arbitrage narratives.

Central banks will continue buying gold; if gold falls below ~4400, expect more aggressive buying; buy zone 3832-4468; silver is high-beta gold (1.7x) long-term; longer-term both can go higher; opportunity to buy on dips.

Recently added trade-on positions in Amazon, Microsoft, Oracle; core positions from much lower prices; trade-on positions have tight stops/targets (1-4 month horizon); software has high short interest, negative sentiment, negative money flows which often signal bottoms; tactical opportunity to buy software stocks short-term but longer-term many will be trouble, some with existential threats to short on bounces.

Software companies based on workflow (GUI/search over databases) or relying on public data will be in trouble; winners: those with private data, are data repositories themselves, have regulatory issues, or are embedded in big enterprises with high switching costs; small/medium business-focused software vulnerable.

Long Korea ETF EWI from $48, taken partial profits; long Micron from $20; if no pause, can run higher due to HBM demand; if pause, sentiment hit due to high profits; holding core positions, finger on trigger to take partial profits/hedge if goes higher, not exit completely.