刚刚！黄金、白银再跳水！史诗级震荡搅动三大市场，后市两大变量

Core Viewpoint - The recent epic fluctuations in metal prices, particularly gold and silver, have had significant impacts across various markets, including stocks, futures, and funds [1][5]. Price Movements - On February 5, international gold and silver prices dropped sharply, with spot gold falling over 3% and spot silver plummeting more than 17%, dipping below $74 per ounce [1]. - The London silver price fell approximately 40% in just a few trading days, followed by a violent rebound, and then another drop [5]. - Other metals like platinum and palladium also experienced similar price movements, with basic metals like copper, aluminum, and tin showing increased volatility [5]. Market Reactions - The fluctuations in metal prices have led to a significant reduction in futures market positions, with the total open interest in Shanghai gold futures dropping by over 47,000 contracts since January 30 [6]. - In the A-share market, financing balances for metal-related stocks have mirrored the volatility in metal prices, with notable fluctuations in stocks like Hunan Silver and Hengbang Shares [7]. Fund Market Impact - The fund market has also reacted to the volatility, with several commodity funds, particularly gold ETFs, experiencing dramatic changes in scale. For instance, 14 gold ETFs collectively shrank by over 60 billion yuan between January 30 and February 2 [10]. - The scale of the Huazhong Gold ETF, which had reached 135.5 billion yuan, saw a reduction of approximately 7.9 billion yuan on January 30 and a further 16.5 billion yuan by February 2 [10]. Future Variables - Current metal prices remain unstable, with further declines observed on February 5, including a drop of over 10% in Shanghai silver futures [12]. - Analysts suggest that the core foundation of the current bull market in precious metals is the contraction of dollar credit, with expectations of a weak dollar providing support for both precious and basic metals [13]. - Future price movements will likely be driven by macroeconomic expectations and supply-side disruptions, with a focus on the Federal Reserve's monetary policy changes [13].