白银基金，“手动抹掉涨跌幅限制”

Core Viewpoint - The National Investment Silver LOF experienced a historic single-day decline of 31.5%, attributed to a valuation adjustment based on international silver futures prices, breaking through domestic trading limits [1][2][4][10]. Group 1: Fund Performance and Valuation Adjustment - The fund's net asset value (NAV) dropped by 31.5% on February 2, marking the largest single-day decline in public fund history [1][15]. - The fund announced it would adjust its asset valuation based on the price fluctuations of international silver futures, effective February 2, which allowed it to bypass the 10% daily trading limit typically imposed on LOF funds [4][18]. - The adjustment was made to ensure that the fund's NAV accurately reflected the fair value of its underlying assets amid extreme market conditions, where international silver prices fluctuated significantly [8][22][23]. Group 2: Market Context and Investor Reactions - On February 2, silver prices in the London market fell over 15%, reflecting a broader trend of volatility in precious metals [8][22]. - Investors expressed confusion and dissatisfaction regarding the fund's valuation methods, questioning why the fund did not adjust valuations during periods of price increases [11][24]. - Some investors noted that the fund's strict purchase limits during the recent price surge may have protected them from larger losses, but criticized the timing and rationale behind the valuation adjustment [14][26].