知名财经网站Finbold周一(2月2日)撰文称，两大传统"避险"资产——黄金和白银——在2026年初曾一路 飙升、连续刷新历史新高后，于1月下旬至2月初遭遇了一场猛烈的抛售潮。 这两种贵金属在短短三天内合计蒸发了约8万亿美元的市值，价格跌至周一发稿时水平：黄金为4,533美 元/盎司，白银为77美元/盎司。 (截图来源：Finbold) 其中，黄金约占此次大宗商品市值缩水的5.5万亿美元，因为目前地表以上黄金储量估计约为216,265 吨。 (黄金一周价格走势图 来源：TradingView) 白银虽然跌幅更大，从约118美元/盎司下滑至77美元/盎司，但按全球白银储量约160万吨的估算，其市 值蒸发规模约为2.5万亿美元。 (白银一周价格走势图 来源：TradingView) 不过，值得注意的是，上述两种商品的地上储量估算本身相对不可靠，这意味着实际损失规模可能会比 估算值多出或少掉数万亿美元。 尽管黄金近1,000美元、白银30美元的暴跌——两者的跌幅都超过大宗商品通常一整年的波动幅度—— 本身已足够令人震惊，但更值得担忧的，或许是金融市场整体更广泛走势中所呈现出的那种模式。 黄金和白银这两种贵金属通常 ...

Group 1 - The macroeconomic outlook is improving, supporting risk assets including cryptocurrencies, with Bitcoin expected to break its historical high this month [1] - Bitcoin has rebounded by 4.5% since Saturday, trading just below its historical high of $122,838 set on July 14 [1] - The increase in open contracts by 7,834 Bitcoin and a surge in spot and perpetual contract buying indicate that the recent price rise is driven by speculative long positions [1] Group 2 - The upcoming US July CPI data is drawing market attention, with expectations of a year-on-year increase of 2.8%, up from 2.7% in June [2] - Core CPI, excluding food and energy, is expected to rise by 3% year-on-year, higher than June's 2.9% [2] - There is a growing demand for put options, indicating market concerns over potential unexpected inflation increases, which could lead to a "mini panic" and a sharp decline [2]