VIX指数失灵 恐慌转向大宗商品与汇率战场：黄金创80年代来最大单日跌幅、1999年来最大月度涨幅

Group 1 - The global asset classes have shown significant divergence this year, with stock market volatility remaining low while volatility in precious metals, foreign exchange, and commodities has increased [1] - The Chicago Board Options Exchange Volatility Index (VIX) has not adequately reflected current macro-level risk signals, indicating a shift in market fear from equities to commodities and currencies [1] - Gold prices reached a historical high earlier this year but experienced the largest single-day drop since the 1980s last week, while the dollar's exchange rate saw its largest single-day decline since April [1] Group 2 - Despite concerns over an artificial intelligence stock bubble, core volatility has concentrated in non-equity areas, with gold and oil prices showing significant fluctuations [1][2] - The volatility in individual stocks has decreased overall market correlation, leading to a lower overall volatility index, as investors focus on earnings and the sustainability of AI trading [2] - The demand for gold ETFs has surged, with a growth of over $20 billion in the past eight months, although the safe-haven attribute of precious metals has weakened due to significant price fluctuations [2]