贵金属全线暴跌蒸发2万亿财富，这个锅谁来背？

Core Viewpoint - The global precious metals market experienced a significant sell-off on December 29, 2025, leading to a sharp decline in prices across major metals, raising concerns about the potential end of the precious metals bull market [1] Market Performance - On the day of the sell-off, spot gold fell by 4.47% to $4,330.31 per ounce, marking its worst single-day performance since October 21 [2] - Spot silver plummeted by 9.00% to $72.1445 per ounce, with intraday lows reaching $70.5430 [2] - Platinum and palladium saw even steeper declines, with platinum dropping 13.92% to $2,116.44 per ounce and palladium falling 15.55% to $1,639.42 per ounce [2] Futures Market Impact - COMEX gold futures fell by 4.47% to $4,349.20 per ounce, while silver futures dropped 7.41% to $71.475 per ounce [3] - Mining stocks were heavily impacted, with the Philadelphia Gold and Silver Index down 5.21% and the NYSE ARCA Gold Miners Index down 4.76% [3] Market Impact and Dynamics - The sell-off resulted in a nearly $2 trillion loss in the market value of gold and silver assets, significantly affecting major gold mining companies and institutional investors holding physical gold [4] - The decline in mining stock indices reflects a pessimistic outlook on industry profitability [4] Factors Behind the Sell-off - Changes in dollar liquidity and adjustments in Federal Reserve policy expectations led to increased opportunity costs for holding non-yielding assets like gold [5] - Technical breakdowns triggered algorithmic trading sell-offs, creating a vicious cycle of price declines [5] - Concerns over a global economic slowdown, particularly in industrial sectors, were highlighted by the significant drops in platinum and palladium prices [5] - Year-end liquidity factors and position adjustments by institutional investors contributed to the sell-off [6] - A sudden shift in market sentiment and herd behavior exacerbated the declines across the precious metals sector [6] Conclusion - The precious metals sell-off at the end of 2025 signals a potential shift in market dynamics, reflecting pressures from global liquidity expectations, economic growth concerns, and structural market changes [7] - Despite the long-term role of precious metals as safe-haven assets, the volatility and systemic risks highlighted by this event suggest that investors may need to reassess their strategies in the face of changing market conditions [7]