Core Insights - Gold and silver experienced significant price fluctuations, with gold falling as much as 6.3% and silver dropping to around $75 an ounce after reaching record highs [1][2] - The recent selloff was triggered by the nomination of Kevin Warsh to lead the Federal Reserve, which strengthened the dollar and negatively impacted precious metals [3] - A crowded trade in precious metals, driven by geopolitical concerns and speculative buying, has led to extreme volatility and risk in the market [2][4] Price Movements - As of 9:21 a.m. Singapore time, gold was priced at $4,680.76 an ounce, down 4.4%, while silver declined 2.2% to $83.2965 [5] - The Bloomberg Dollar Spot Index rose 0.1% after a previous gain of 0.9%, indicating a stronger dollar [5] Market Dynamics - The surge in precious metal prices over the past year was fueled by concerns over geopolitical instability and currency debasement, with significant buying from Chinese speculators [2] - The market's volatility was exacerbated by a record wave of call option purchases, which created upward price momentum as sellers hedged their positions [4]

| 股份代號: | 00968 | | --- | --- | | 上市法國名稱: | 信義光能控股有限公司 | | 日期(日 / 月 / 年): | 02/01/2026 - 02/02/202 | | 2000 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | --- | --- | --- | --- | --- | --- | --- | | | 版 7 7 5 三 | | | | 品 标 标 监修品 | 有投票權股(日/月/年) 權益 | | | | | | | | 行自分市 | | . But the production of the control and any and the production of the comments CS20260129E00382 | JPMorgan Chase & Co. | 1101(L) | 21,234,012(L) | HKD 3.4614 | 651,397,530(L) | 7.12(L)26/01/2026 | | | | | ...

Market Dynamics - The gold market experienced a dramatic drop, with prices plunging nearly $500 from a peak of $5,596 to around $5,100 before rebounding above $5,300, indicating extreme volatility and investor anxiety [1] - The Federal Reserve's decision to maintain interest rates was expected, but Chairman Powell's comments sparked a significant market reaction, with gold prices surpassing $5,500 and silver reaching $119, reflecting a disconnect between market sentiment and Fed communication [3][4] - Geopolitical risks have amplified gold's safe-haven appeal, contributing to a 25% increase in gold prices and over 55% for silver in the past year, indicating a shift beyond typical commodity bull markets [6] Investment Sentiment - Investors are increasingly focused on potential changes in the Federal Reserve's leadership by May 2026, with expectations that a more dovish successor could drive further investment in precious metals [4] - Current market conditions suggest that gold is becoming a key asset in portfolios, potentially replacing traditional bonds as a hedge against inflation and currency devaluation, with projections indicating that a rise in gold allocation could push prices to $8,000-$8,500 [7] Price Predictions - Major financial institutions like UBS have raised their gold price targets for 2026 to $6,200, with bullish scenarios suggesting prices could reach $7,200, further fueling market optimism [9] - However, analysts warn of market instability, citing extreme price fluctuations and the potential for a significant correction due to overcrowded positions among momentum traders [9][11] Technical Observations - The recent flash crash highlighted the market's fragility, as trading platforms experienced outages due to overwhelming order volumes during price swings, underscoring the concentrated nature of market participation [11] - The copper market shows contrasting dynamics, with strong demand driven by energy transition and electric vehicle adoption, yet high inventories challenge the bullish narrative [12] - In the aluminum market, supply constraints from China's production limits and shifting demand towards green technologies suggest a positive medium-term outlook, although short-term price sustainability remains debated [13] Overall Market Sentiment - The current market environment is characterized by significant divergence, with bullish forecasts from major banks juxtaposed against warnings of excessive positioning and volatility risks [13] - The Federal Reserve's efforts to maintain policy credibility have not fully reassured the market, and any new geopolitical developments could trigger rapid price movements [13]

证券研究报告 | 2026年02月01日 美股市场速览 弱于大市 小盘带头回撤，资金加速流出 价格走势：整体边际走弱，小盘显著回撤 本周，标普 500 涨 0.3%，纳斯达克跌 0.2%。 风格：大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-0.5%） ＞小盘价值（罗素 2000 价值-1.0%）＞小盘成长（罗素 2000 成长-3.1%）。 13 个行业上涨，10 个行业下跌，1 个基本持平。上涨的主要有：电信业务 （+9.0%）、技术硬件与设备（+4.6%）、能源（+3.9%）、媒体与娱乐（+3.8%）、 银行（+2.7%）；下跌的主要有：软件与服务（-6.9%）、汽车与汽车零部件 （-3.2%）、医疗保健设备与服务（-3.1%）、商业和专业服务（-2.6%）、 耐用消费品与服装（-1.5%）。 资金流向：资金加速流出，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-84.1（亿美元， 下同），上周为+5.6，近 4 周为+50.1，近 13 周为+1.2。 15 个行业资金流入，9 个行业资金流出。资金流入的主要有：技术硬件与设 备（+40. ...

美股市场速览 弱于大市 小盘带头回撤，资金加速流出 证券研究报告 | 2026年02月01日 价格走势：整体边际走弱，小盘显著回撤 本周，标普 500 涨 0.3%，纳斯达克跌 0.2%。 风格：大盘价值（罗素 1000 价值+0.6%）＞大盘成长（罗素 1000 成长-0.5%） ＞小盘价值（罗素 2000 价值-1.0%）＞小盘成长（罗素 2000 成长-3.1%）。 13 个行业上涨，10 个行业下跌，1 个基本持平。上涨的主要有：电信业务 （+9.0%）、技术硬件与设备（+4.6%）、能源（+3.9%）、媒体与娱乐（+3.8%）、 银行（+2.7%）；下跌的主要有：软件与服务（-6.9%）、汽车与汽车零部件 （-3.2%）、医疗保健设备与服务（-3.1%）、商业和专业服务（-2.6%）、 耐用消费品与服装（-1.5%）。 资金流向：资金加速流出，科技板块内部分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-84.1（亿美元， 下同），上周为+5.6，近 4 周为+50.1，近 13 周为+1.2。 15 个行业资金流入，9 个行业资金流出。资金流入的主要有：技术硬件与设 备（+40. ...

JPMorgan Chase CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong at the World Economic Forum in Davos last week, accusing him of misrepresenting banks’ role in opposing parts of a major US crypto market structure bill. Key Takeaways: JPMorgan CEO Jamie Dimon confronted Coinbase’s Brian Armstrong at Davos over claims banks are undermining a US crypto bill. The clash centers on stablecoin rewards, with banks opposing yield while crypto firms argue bans favor traditional finance. The market struct ...

当地时间周五（30日），因美国总统特朗普提名凯文・沃什出任下一届美联储主席，市场对美联储独立 性的担忧有所缓解。美元应声走高，国际黄金、白银期货价格大幅跳水。 纽约商品交易所2月交割的COMEX白银价格重挫超35%，最低触及每盎司74美元，与此同时，COMEX 黄金2月合约价格下跌超10%，一度逼近4700美元；此次抛售潮蔓延至整个贵金属市场，伦敦金属交易 所LME铂金和钯金期货跌幅均超过15%，与白银一起进入技术性熊市。 分析认为，恐慌抛售或与获利了结，交易头寸过于拥挤等因素有关，而杠杆资金的爆仓可能放大了市场 波动。 缘何暴跌 过去12个月，受整体市场波动、美元贬值、地缘政治紧张局势升温以及市场对美联储独立性的担忧等多 重因素影响，贵金属价格一路高歌猛进。Mattioli Woods财富管理公司投资经理斯托夫斯（Katy Stoves）表示，此次贵金属价格大跌，或是市场对集中持仓风险的全面重估。"正如科技股（尤其是人 工智能相关个股）占据市场关注焦点、吸引大量资金流入一样，黄金市场也出现了仓位高度集中的情 况。当所有投资者都朝着同一方向押注时，即便标的是优质资产，仓位的平仓也会引发价格抛售。这两 者的相似 ...

January's in the books. Joining me is Kenny Pulcari, partner and chief market strategist of Slatestone Wealth with five names to add to your February playbook. Kenny, great to have you here.>> Well, thank you for having me back. I love coming home to the New York Stock Exchange. >> Well, it's great to have you. And you have five names that we need to add.They're a mix of growth and value. So, all Dow components >> across a range of sectors, right. Talk about diversification.So, it's all good. >> And uh all ...

来源：图虫 没有一点点防备。 今天，COMEX白银跌幅一度超过16%，伦敦银现一度跌超18%，并且还在加速下跌中。 刚才看着分时图，所有人应该都被吓倒了，速度之快、幅度之大、抛盘之猛，都是前所未见。 场面极度血腥。 这不是基本面的崩塌，而是情绪与杠杆的雪崩。 大家都想跑，但门被焊死了。 01、集体叛变，趁火打劫 罪魁祸首是获利盘的集体叛变。 白银的炒作格局，本身就极其脆弱——资金进来的快，出去的更快，尤其是加了杠杆的投机资金，一旦市场出现风吹草动，就会疯狂出逃，引发踩踏。 具体可以分为三个层面： 第一，带头跑路的"聪明钱"。 机构不是慈善家，他们在110美元以上的高位看着手里巨额的浮盈，心里想的只有四个字：落袋为安。 他们不会发邮件通知你，只会悄悄地卖，直到把价格砸出一个缺口。 早从1月23日银价突破100美元开始，摩根大通、高盛就开始悄悄减持净多头持仓。截至今日，两大巨头的净多头持仓占比已从35%降至22%，累计减持3.2万 手。 而这期间，散户还在疯狂追高，Robinhood平台白银散户持仓量增长30%。 根据CFTC实时持仓数据，今日早盘，摩根大通、高盛等华尔街巨头率先减持白银非商业净多头持仓，其中摩根 ...

Katie Britt's spouse conducted a sale transaction of JPMorgan Chase & Co. (NYSE:JPM) shares valued between $1,001 and $15,000.JPMorgan Chase has delivered a total return of 156% over the past five years, with a current price-to-book (P/B) ratio of 2.4.The bank projects its net interest income (NII) for 2026 to reach approximately $103 billion, a 7% increase from the previous year.On January 28, 2026, Katie Britt, representing Alabama, was involved in a sale transaction of JPMorgan Chase & Co. (NYSE:JPM) sha ...