金价跌至每盎司 4346 美元，白银跌幅一度逼近 9%，为何国际金、银价格会大幅下跌？

Core Insights - The article discusses the recent surge in precious metal prices and its impact on the real economy, particularly the consumer and manufacturing sectors, highlighting a disconnect between market sentiment and actual demand [1] - It emphasizes that the current trading environment is driven by emotions rather than logic, leading to extreme price volatility and potential market corrections [1] Group 1: Market Dynamics - The precious metals market is experiencing a speculative bubble, with significant price increases that are not supported by fundamental supply and demand metrics [7] - Regulatory measures, such as increased margin requirements by major exchanges, have triggered a forced deleveraging in the market, contributing to recent price declines [6] - Market rumors, particularly regarding the financial stability of major banks, have exacerbated volatility and led to panic selling among investors [11] Group 2: Economic Indicators - The article notes that while precious metals like silver and gold have seen substantial price increases (silver up 173% and gold up over 71% in 2025), the actual industrial demand growth for silver is only 15% [7] - There is a persistent supply shortage in the silver market, with a cumulative supply gap approaching 25,500 tons from 2021 to 2025, indicating that the fundamental demand remains strong despite price corrections [12] - The macroeconomic environment is shifting, with changing expectations around Federal Reserve interest rate policies impacting the attractiveness of precious metals as safe-haven assets [12]