Core Viewpoint - The article discusses the significant decline in the prices of gold and silver, two traditional safe-haven assets, which experienced a sharp sell-off from late January to early February 2026, resulting in a combined market value loss of approximately $8 trillion [1][4]. Group 1: Market Impact - Gold's market value decreased by about $5.5 trillion, with its price dropping to $4,533 per ounce [2][4]. - Silver's price fell from approximately $118 per ounce to $77 per ounce, leading to a market value loss of around $2.5 trillion [3][4]. - The estimated above-ground gold reserves are about 216,265 tons, while global silver reserves are approximately 1.6 million tons [2][3]. Group 2: Market Behavior - Typically, gold and silver strengthen during economic uncertainty, but recent trends show a high correlation between these safe-haven assets and riskier assets like Bitcoin and the S&P 500, which also experienced declines [4][5]. - The simultaneous drop in both safe-haven and risk assets raises concerns about broader market instability and investor sentiment [4][11]. Group 3: Underlying Factors - The decline in gold and silver prices may be attributed to multiple factors, including the nomination of Kevin Warsh as a potential successor to Federal Reserve Chairman Jerome Powell, which has increased market uncertainty [6][8]. - Other contributing factors include a partial government shutdown in the U.S. and the release of sensitive information related to high-profile individuals, which has added to the market's anxiety [8][10]. - External geopolitical tensions, such as U.S. military actions and statements regarding Greenland, have further exacerbated market instability [10][11].

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]