金价，闪崩！银价，闪崩！

Core Viewpoint - The precious metals market experienced a significant downturn, with major declines in prices following a period of strong performance, raising concerns about future trends and market stability [1][3][19]. Price Movements - On December 30, domestic precious metal futures saw widespread declines, with silver down nearly 7% and gold down nearly 4% [1][16]. - The London gold price fell sharply by $205, a decrease of 4.52%, while silver experienced a drop exceeding 10% [5][19]. - Platinum and palladium saw even steeper declines, with prices plummeting around 15% [5][19]. Market Dynamics - The market reversal was attributed to several factors, including technical corrections, profit-taking by investors, and new policies from exchanges that increased margin requirements by over 10% for various metals [12][28]. - The recent surge in precious metal prices had led to a speculative bubble, which was punctured by the sudden sell-off [22][28]. Investor Sentiment - Analysts suggest that the recent downturn may be a temporary correction within a broader upward trend for precious metals, although there are concerns about potential further declines if selling pressure continues [29][30]. - UBS indicated that short-term risks in precious metal trading have increased, particularly as liquidity tends to be lower at year-end, complicating market interpretations [29][30]. Future Outlook - Some analysts believe that the macroeconomic environment remains favorable for precious metals, with expectations of continued upward pressure on prices due to a weakening dollar and ongoing inflation concerns [29][30]. - Citic Futures highlighted the need for caution regarding short-term risks, particularly in the silver market, which has shown increased volatility after significant price increases [30].