Core Viewpoint - The current gold market is in an extremely optimistic state, with a significant increase in the probability of short-term corrections, fluctuations, or pullbacks due to overheated sentiment [1][11]. Group 1: Market Performance - On January 29, 2026, the precious metals market experienced a massive sell-off, with gold prices plummeting over $400 to around $5100 per ounce within half an hour, marking a nearly 10% daily fluctuation [2]. - COMEX gold futures fell more than 7% from historical highs, dropping below $5200 per ounce, while silver prices saw even larger declines, exceeding 10% [4]. - Gold prices surged dramatically at the beginning of 2026, breaking through $5000 per ounce for the first time on January 26, and reaching a peak of $5598.75 per ounce on January 29 [5]. Group 2: Market Drivers and Risks - The significant correction in precious metals is attributed to three main risks: the Federal Reserve not continuing interest rate cuts in January, a decline in safe-haven buying reflected by a drop in the VIX index, and concentrated profit-taking by long positions in precious metals [2][6]. - The geopolitical tensions, particularly between the U.S. and Venezuela/Iran, previously accelerated the rise in gold and silver prices, while a weaker dollar also contributed to this trend [2][5]. Group 3: Future Outlook - Despite the recent volatility, the adjustment in precious metals does not indicate the end of a bull market, as there are no signs of a shift in the Federal Reserve's monetary policy or liquidity tightening [8]. - Long-term demand for gold remains strong due to central bank purchases and the need for hedging against risks, which will continue to support precious metals [9][11]. - Analysts suggest that investors should be cautious of short-term corrections and avoid blindly chasing high prices, recommending to wait for price stabilization before re-entering the market [11].

Group 1 - The core viewpoint of the articles highlights a significant rise in Hong Kong's non-ferrous metal stocks, driven by geopolitical tensions and supply constraints in the metals market [1][2] - Major companies such as China Daye Nonferrous Metals saw a nearly 7% increase, while Luoyang Molybdenum and Zhaojin Mining also experienced notable gains of 5.6% and over 4% respectively [2] - The recent military action by the U.S. against Venezuela has heightened market risk aversion, leading to a surge in gold prices, which reached $4,450 per ounce, and silver prices, which rose to $77 per ounce [1] Group 2 - The copper market is facing supply challenges due to worker strikes at mining sites, exacerbating an already tight supply situation, which has pushed London copper prices to a record high of over $13,090 per ton [1] - CITIC Securities' latest report indicates that the resource bull market is continuing due to renewed geopolitical conflicts, which are driving both risk-averse investments and central bank allocations towards gold [1] - Basic metals such as copper, aluminum, and nickel are experiencing supply contradictions, supporting price increases in these commodities [1]

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals sector, with gold, silver, copper, aluminum, and zinc all showing gains, leading to an increase in related ETFs [1][2] - The recent military action by the U.S. against Venezuela has heightened market risk aversion, pushing spot gold above $4,400 and silver to $75 per ounce [2] - Supply concerns are exacerbated by worker strikes in copper mines, pushing LME copper prices close to $13,000 per ton, nearing record highs [2] Group 2 - The aluminum price has surpassed $3,000 per ton for the first time in over three years, driven by tightening supply and long-term demand expectations [2] - The non-ferrous metals ETF (516650) has seen a net inflow of 3.96 billion yuan over the past seven days, with a 2.3% increase, and has a balanced allocation in copper (33.8%), aluminum (15.7%), and gold (11.9%) [3] - The gold stock ETF (159562) also increased by 2.3%, focusing on gold and copper, while the gold ETF Huaxia (518850) rose by 1.65%, with a net inflow of 1.299 billion yuan over the past 20 days [3]

Group 1 - The core viewpoint of the article highlights the impact of the U.S. military action against Venezuela on global markets, particularly driving safe-haven investments into gold and reinforcing a bullish trend in precious metals [1] - The report from CITIC Securities indicates that the recent military action has led to strong international condemnation, increasing tensions in the global geopolitical landscape [1] - In the base metals sector, the beginning of the new year has seen supply issues, particularly with copper due to worker strikes, exacerbating existing supply constraints [1] Group 2 - The report notes that the supply side for electrolytic aluminum is facing potential production cuts, which has allowed London aluminum prices to break above key price levels [1] - Indonesian nickel miners have proposed reducing nickel ore quotas, and Vale's Indonesian operations have paused mining due to delays in production plans approved for 2026, supporting a rebound in nickel prices [1]