海外风暴突袭市场，白银巨震风控第一

1. Report's Industry Investment Rating No information provided. 2. Core View of the Report - The sharp decline in precious metals in January 2026 was due to the rapid pre - rise detaching from fundamentals, the accumulation of high - leverage profit - taking positions, and the change in Fed policy expectations. The market has entered a high - volatility stage, but the long - term logic of precious metals has not ended. Short - term investors should focus on cautious defense, and maintain flexible positions and sufficient liquidity [2][3][18]. 3. Summary by Directory 3.1 Market Review - In January 2026, gold and silver continued their previous strength and reached new highs. However, on the evening of January 30, a sharp decline occurred. New York gold futures fell more than 10% in a single day, and silver plunged more than 30%. On February 2, the domestic precious metals market continued the overseas slump [5][6]. 3.2 Market Sentiment and Capital Flow - The sharp rise and fall of the silver market are mainly driven by market sentiment and speculative capital. The global silver supply - demand structure has not changed significantly in the short term. During the price increase, speculative buying and trend - following funds entered the market, but as the price entered the over - bought area, some funds took profits. After the sharp decline, some funds bought on dips [12][13][14]. 3.3 Sudden Reversal of Policy Expectations - The nomination of Kevin Warsh as the next Fed chairman by Trump was the trigger for the market adjustment. His "hawkish" policy stance broke the market's illusion of "unrestricted easing", leading to a re - evaluation of precious metal prices. In the short term, the market will digest the impact of policy expectation reconstruction, but the long - term easing direction has not changed [16][17]. 3.4 Outlook for the Future - The sharp decline has reshaped the short - term ecology of the precious metals market, entering a stage of high uncertainty and normal volatility. In the long run, there are still structural supports, but in the short term, policy uncertainty will be the core variable. Investors should adjust their strategies, focus on short - term defense, and maintain flexible positions and sufficient liquidity [18][19].