Silver prices plummeted over 30% within 24 hours, breaking below $80 per ounce, with a decline exceeding that of gold. Analysts attribute this sharp correction to profit-taking, overbought conditions, and a strengthening dollar. Previously, silver experienced a significant rally, nearly quadrupling over the past year. President Trump plans to nominate hawkish figure Kevin Waugh as the next Federal Reserve Chair, further fueling market sentiment shifts, leading to a sell-off in precious metals as investors flock to the US dollar. Currently, traders are awaiting the upcoming US employment report to assess its impact on interest rate cuts.