Baiyin Nonferrous(SH:601212) Sou Hu Cai Jing·2026-02-05 05:52Group 1 - The global precious metals market experienced significant volatility on February 5, 2026, with spot gold dropping over $170 and spot silver plunging more than 16% after falling below $80, leading to a temporary suspension of silver futures trading in Thailand [1][2] - The sharp adjustment in precious metals and non-ferrous sectors is primarily driven by a rapid reversal of short-term risk sentiment and concentrated liquidation of overcrowded trades, indicating that the market is in a "bottom-finding" phase [2][3] - Analysts warn that the extreme one-sided trading in gold, which has seen a nearly 20% decline from its peak, suggests that the momentum reversal is substantial and may not recover quickly, with potential support around $4,800 and risks of falling to $4,500 [2][3] Group 2 - Despite the poor price performance, the market's fund flow indicates a contrasting trend, with the non-ferrous mining ETF (159690) continuing to see net inflows during the downturn, and its shares have surged by 429.42% year-to-date, reflecting a long-term value-based contrarian investment strategy [4]