价格在首次突破每盎司80美元大关后遭遇急剧回落，终结了近期近乎垂直的上涨行情。尽管市场经历了剧烈波动，但交易员难以找到引发此次暴跌的单一明 确催化剂，极端的市场情绪正面临修正。 周一隔夜市场，白银价格一度冲高至84美元上方，随后大幅跳水，早期涨幅几乎回吐殆尽，最终仅收涨0.51%。与此同时，贵金属板块集体承压，铂金和钯 金双双跌停，黄金亦下跌0.91%，四种主要贵金属合约的持仓量均出现下降。 此次行情逆转发生在中国投资需求激增的背景下。上海现货白银较伦敦价格的溢价一度超过8美元，创下历史新高。面对疯狂的市场情绪，中国唯一的纯白 银基金在多次发布风险提示无效后，不得不采取拒绝新客户的极端措施。 针对此次回调，高盛亚洲交易台指出，市场并无"确凿的做空理由"。分析人士普遍认为，假期期间流动性稀缺、交易所提高保证金要求以及技术指标显示的 极端的超买信号，共同促成了此次价格的剧烈修正。 缺乏明确的做空理由 尽管市场波动剧烈，但机构对于具体的下跌动因看法谨慎。 高盛亚洲交易台指出，虽然距离新年仅剩三天，中国大宗商品市场依然波动剧烈。白银在午盘休息前一度飙升9.25%，但随后在没有明显利空消息的情况下 转为避险模式，导致贵 ...

白银价格在首次突破每盎司80美元大关后遭遇急剧回落，终结了近期近乎垂直的上涨行情。尽管市场经历了剧烈波动，但交易员难以找到引发此 次暴跌的单一明确催化剂，极端的市场情绪正面临修正。 投机热潮与监管刹车 周一隔夜市场，白银价格一度冲高至84美元上方，随后大幅跳水，早期涨幅几乎回吐殆尽，最终仅收涨0.51%。与此同时，贵金属板块集体承 压，铂金和钯金双双跌停，黄金亦下跌0.91%，四种主要贵金属合约的持仓量均出现下降。 此次行情逆转发生在中国投资需求激增的背景下。上海现货白银较伦敦价格的溢价一度超过8美元，创下历史新高。面对疯狂的市场情绪，中国唯 一的纯白银基金在多次发布风险提示无效后，不得不采取拒绝新客户的极端措施。 针对此次回调，高盛亚洲交易台指出，市场并无"确凿的做空理由"。分析人士普遍认为，假期期间流动性稀缺、交易所提高保证金要求以及技术 指标显示的极端的超买信号，共同促成了此次价格的剧烈修正。 缺乏明确的做空理由 尽管市场波动剧烈，但机构对于具体的下跌动因看法谨慎。 高盛亚洲交易台指出，虽然距离新年仅剩三天，中国大宗商品市场依然波动剧烈。白银在午盘休息前一度飙升9.25%，但随后在没有明显利空消 息的情 ...

Core Viewpoint - The S&P 500 index has shown remarkable resilience in the face of challenges such as trade tensions, economic slowdown, and valuation concerns, achieving record highs and maintaining a long streak without significant declines [1][4]. Group 1: Market Performance - The S&P 500 index has not experienced a 2% drop since April, marking the longest streak since July 2024, with a cumulative increase of 34% and a market capitalization rise of nearly $16 trillion [1][4]. - The index has reached 28 all-time highs this year, despite rising unemployment rates and inflation concerns [4][5]. Group 2: Investor Sentiment - Investors are optimistic about potential interest rate cuts, with expectations of a 50 basis point reduction by 2025 being largely priced in [5][6]. - Recent fund inflows into the U.S. stock market reached nearly $58 billion in a single week, the largest weekly inflow of the year [6]. Group 3: Short Selling and Market Dynamics - The S&P 500 index has defied the historical trend of poor performance in September, driven by short covering, with the most shorted stocks rising 14% this month [7][8]. - The relative strength index (RSI) for the most shorted stocks has reached its highest level since early 2021, indicating potential overbought conditions [7][8]. Group 4: Volatility and Risk Indicators - The Chicago Board Options Exchange Volatility Index (VIX) is significantly below its ten-year average, suggesting low investor fear and complacency [9]. - There is a notable increase in net short positions on the VIX, indicating that investors are betting on continued market calm, which may signal a potential pause in the upward trend [9].