Gold and silver have taken a big dive, the market value of spot silver is equivalent to the market capitalization of a JPMorgan Chase evaporating.

At 09:00 Beijing time, there was a sharp drop in the prices of gold and silver. Spot gold plummeted from $5006.71 per ounce to a low of $4805.17, with a cumulative decrease of $201.54 in two hours. According to data from the World Gold Council, the estimated global above-ground gold reserves are around 216,300 tons. Based on this calculation, the market value of spot gold evaporated by $1.4 trillion during this time period, roughly equivalent to the evaporation of one Berkshire Hathaway and one AMD. During the same period, spot silver plunged from $89.56 to $73.77, with a cumulative decrease of $15.79 in two hours. According to the CPM Group's 2019 Silver Yearbook, global silver production was estimated at 175.1 million tons. Based on this calculation, the market value of spot silver evaporated by $88.89 billion during this time period, roughly equivalent to the evaporation of one J.P. Morgan.