金银深夜闪崩，黄金一度跌破4900美元

Group 1 - The recent sharp decline in gold and silver prices, with spot gold dropping over 3% and spot silver experiencing a decline of up to 11% [1] - As of February 13, spot gold fell below $4900, currently reported at $4912.5 per ounce, while spot silver decreased by over 0.6%, now at $74.7 per ounce [1] Group 2 - According to the chief analyst of non-ferrous metals at CITIC Securities, the upward trend in gold is not yet over, with liquidity expectations being the core driver of gold price movements [4] - Ongoing geopolitical conflicts provide a phase of safe-haven demand for gold, supporting its price [4] - A potential economic recovery in China and globally over the next 6-12 months could boost market demand, leading to a rebound in metal prices after adjustments [4] - Copper is viewed positively in the medium to long term due to its liquidity drivers and potential supply-demand improvements [4] - Caution is advised for smaller metal varieties that have seen price increases driven by speculative demand, as they may face price volatility risks [4] - The non-ferrous metals sector follows a unique valuation logic of "buy high PE, sell low PE," contrary to traditional industries [4] - A strategy of "holding" and "partial profit-taking" is recommended to balance returns and risks at the current market stage [4]