Market Overview - Investors are currently withdrawing funds from the market, leading to significant declines in major indices, with the S&P/TSX composite index down 576.95 points to 31,994.60, the Dow Jones down 592.58 points to 48,908.72, the S&P 500 down 84.32 points to 6,798.40, and the Nasdaq down 363.99 points to 22,540.59 [1] Gold and Silver Market - Gold prices fell by 1.2%, fluctuating after nearly doubling in price over the past year, reaching close to US$5,600 last week before dropping below US$4,500 on Monday. The April gold contract was down US$61.30 at US$4,889.50 per ounce [2] - Both gold and silver had seen significant increases as investors sought safer assets amid political turmoil and concerns over high U.S. stock market valuations and global government debt. However, a pullback was anticipated due to unsustainable growth rates [3] Corporate Earnings - Canadian investors reviewed a range of corporate earnings, which have generally been positive, but high expectations have led to a lack of rewards for companies that only slightly exceed earnings estimates. Companies like BCE Inc. and Thomson Reuters saw their shares drop by 2.56% and 5.41%, respectively, despite reporting fourth-quarter earnings [4] - Alphabet's stock fell 0.5% after initially dropping 8%, despite reporting stronger-than-expected profits. Investors were concerned about the company's significant spending on artificial intelligence technology, which could double to approximately US$180 billion this year, surpassing analysts' expectations of less than US$119 billion [5][6] Labor Market Insights - The U.S. Labor Department reported a decrease in job vacancies to 6.5 million in December from 6.9 million in November, marking the lowest level since September 2020. This indicates a potential softening in the U.S. labor market, though it is not yet seen as overly concerning [7]

Group 1 - Tether is making a $150 million investment in Gold.com, Inc., which includes an initial purchase of approximately $125 million in common shares and an additional $25 million pending regulatory approval [2][3] - The partnership aims to create a vertically integrated gold ecosystem by combining Gold.com's gold infrastructure with Tether's stablecoin platform [3][6] - Tether currently holds close to 140 tons of gold, valued at over $23.3 billion, and issues Tether Gold, which has over 50% market share in the gold stablecoin sector [4][5] Group 2 - The investment is expected to enhance the credibility and distribution of Tether Gold (XAU₮) and expand Gold.com's retail and digital offerings [5] - Gold.com has a legacy of over 60 years and offers a direct-to-consumer marketplace along with various products, including JMBullion.com and GovMint.com [6] - Tether reported a net profit of $10 billion in 2025 and holds excess reserves of over $6.3 billion, with investments in diverse sectors including bitcoin mining and artificial intelligence [7]

Core Viewpoint - Tether is making a significant investment of $150 million in Gold.com, acquiring 3.371 million common shares at a price of $44.50 per share, which is an 11.9% discount to the recent market price, establishing a strategic partnership aimed at integrating physical precious metals with digital finance [2][4][6]. Investment Details - Tether will initially purchase approximately $125 million worth of common shares, with an additional $25 million contingent on regulatory approvals [4]. - The total acquisition involves 3.371 million common shares at an issue price of $44.50, reflecting an 11.9% discount to the 10-day volume weighted average price as of February 4, 2026 [4]. Strategic Partnership - The investment aims to create a vertically integrated gold ecosystem by combining Gold.com's gold infrastructure with Tether's stablecoin platform, enhancing the credibility and distribution of Tether's gold-backed XAU₮ stablecoin [6]. - Gold.com will invest $20 million of the proceeds from the investment into Tether's XAU₮ stablecoin [7]. Board Representation - As a result of the investment, Tether is entitled to nominate a member to Gold.com's board of directors [5]. Future Collaborations - Gold.com and Tether plan to enter into additional commercial agreements, including a gold leasing facility of at least $100 million and accepting Tether stablecoins as payment [7]. - The collaboration is expected to drive increased consumer and institutional engagement across both platforms [6]. Executive Commentary - Gold.com’s CEO emphasized that the investment validates their strategy to lead in physical bullion and expand into digital gold and stablecoins, providing increased funding and flexibility for business development [8]. - Tether's representative highlighted the importance of integrating physical gold sourcing with blockchain infrastructure to enhance transparency and scalability [8][9]. Company Background - Gold.com, founded in 1965, offers a comprehensive solution for precious metals and collectibles, operating a direct-to-consumer marketplace and a trading platform [10][11]. - Tether is a pioneer in stablecoin technology, aiming to bridge traditional financial systems with decentralized finance [12][13].

Core Insights - Gold.com, Inc. reported a diluted earnings per share of $0.46 and a net income of $11.6 million for Q2 FY 2026, alongside a non-GAAP EBITDA of $33.9 million [1][2][9] Financial Performance - Revenues for Q2 FY 2026 increased by 136% to $6.477 billion from $2.742 billion in Q2 FY 2025, and increased by 76% from $3.681 billion in Q1 FY 2026 [9][30] - Gross profit for Q2 FY 2026 rose by 109% to $93.4 million, with a gross profit margin of 1.44%, down from 1.63% in Q2 FY 2025 [9][31] - Net income attributable to the Company increased by 77% to $11.6 million from $6.6 million in Q2 FY 2025, and showed a significant recovery from a net loss of $0.9 million in Q1 FY 2026 [9][37] - Adjusted net income before provision for income taxes for Q2 FY 2026 was $23.2 million, a 74% increase from $13.4 million in Q2 FY 2025 [9][38] - EBITDA for Q2 FY 2026 totaled $33.9 million, reflecting a 109% increase compared to $16.2 million in Q2 FY 2025 [9][39] Operational Highlights - Gold ounces sold in Q2 FY 2026 increased by 17% to 545,000 ounces from 466,000 ounces in Q2 FY 2025, while silver ounces sold decreased by 15% to 18.6 million ounces [12][23] - The number of secured loans at period end decreased by 31% to 355 from 518 in the previous year [12][23] - Direct-to-Consumer (DTC) new customers increased by 47% to 96,100, and active customers rose by 64% to 229,100 compared to Q2 FY 2025 [12][23] Strategic Initiatives - The company completed a rebranding from A-Mark Precious Metals to Gold.com and transitioned its stock listing to the New York Stock Exchange under the ticker symbol "GOLD" [1][3] - The acquisition of Monex Deposit Company was finalized in January 2026, enhancing the company's market position [3] - The company is focused on optimizing its expense structure and unlocking synergies from recent acquisitions [3][4] Dividend Announcement - Gold.com's Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on March 4, 2026 [49]

Price Trends - Platinum futures rose nearly $900 per ounce from the 2025 closing price level, reaching around $2,250 on February 4, 2026, after a high of $2,925.00 on January 26, 2026 [2][3][5] - The daily chart indicates a volatility pattern, with platinum futures dropping 35.7% from the January 26 high to a low of $1,882.00 on February 2, 2026, before recovering above $2,250 on February 3 [5] Historical Context - Platinum was historically priced higher than gold until 2015, but since then, gold has gained a significant premium, reaching over $2,745 per ounce in early 2026 [7] - Platinum is currently considered inexpensive compared to gold, which has been a trend over the past sixteen years [6][7] Market Characteristics - Platinum has more industrial applications than gold, which is primarily a financial metal held by central banks [8] - Platinum production is concentrated mainly in South Africa and Russia, with Russian output being a byproduct of nickel production [8]

Core Insights - Silver experienced a more significant decline compared to gold on Thursday, indicating a notable shift in market dynamics for precious metals [1] - Despite silver's sharp losses, gold is attempting to recover much of its recent downturn, suggesting a potential stabilization in the gold market [1] Market Performance - Silver's price losses have led to a downward trend for the week, contrasting with gold's recovery efforts [1] - The performance of silver and gold highlights differing investor sentiment and market reactions within the precious metals sector [1]

Core Viewpoint - The precious metals market is currently in a critical phase of finding its balance after experiencing significant volatility, with recent gains in gold and silver not indicating the end of adjustments [1][3] Market Analysis - Gold has rebounded approximately 20% from its low on Monday, but still has a 12% decline compared to last week's historical high, while silver has dropped 29% from its peak despite a rapid rebound [1][3] - The current buying momentum appears to be a "counter-trend rebound," suggesting that the market's clearing process may be more complex than investors expect due to previously crowded positions and excessive momentum [1][3] Macroeconomic Factors - The recent weakness in the US dollar index may have been overvalued by the market, as data shows the US economy is slowing less than expected, leading to a cooling of optimistic sentiment regarding aggressive rate cuts [2][4] - If the dollar rebounds in the short term, it will create upward pressure on precious metals priced in dollars [2][4] Technical Analysis - Gold is currently operating within a short-term ascending wedge, which typically signals a continuation of bearish trends rather than a rebound, with significant supply accumulated in the $5000 to $5100 range, making it susceptible to selling pressure [2][4] - Key support levels to watch are $4900 and $4800; if gold breaks below $4800, it may test deeper support at $4500 [2][4] - The market is in a fragile "bottom testing" phase, and without new geopolitical tensions or a shift in monetary policy, gold is unlikely to initiate a new upward impulse [2][4] Investment Strategy - Investors in gold should shift from seeking capital gains to cautious risk management, emphasizing patience until a true market bottom is confirmed rather than blindly attempting to buy the dip [2][4]

1月30日，现货黄金（伦敦金现）价格快速下行，盘中一度跌破5000美元/盎司关口，跌幅超过8%。现货白银（伦敦银现）一度重挫超过18%，跌破100美元/ 盎司关口。 截至30日下午，现货黄金和现货白银的跌幅略有收窄，不过仍有6%和15%。年初至今的涨幅收窄至16%和37%左右。 现货黄金走势 金价跌了，之前买的金条金饰可以退吗 记者发现，有黄金品牌柜姐在社群中发布声明称：不能因为金价降了就要退货，不接受任何理由，退单一律扣500元。柜姐提醒称："下单要为自己的行为负 责，老板不会因为特殊情况特殊处理。"这一规定背后是否有法律支撑或行规约定俗成呢？ 黄金品牌柜姐在社群中发布声明 记者了解到，实体金店一般购买离柜后就不接受退款退货。线上方面退货规则相对复杂，不同平台和品牌有所区别。大多数平台和品牌都不接受投资金类产 品如金币、金条的退货；针对黄金首饰，部分品牌提出了签收后24-48小时内退货的限制（需不影响二次销售）。 面对市场波动剧烈可能产生的摇摆心理，部分品牌/平台设置了相关退货规定：生成物流单号/发货后再退款，需扣除订单金额1-5%的手续费及快递运保费。 部分品牌如融通金表示，金条付款成功后15分钟内可申请 ...

Core Viewpoint - Silver futures experienced a significant decline, falling as much as 13% late Wednesday, indicating ongoing volatility in the precious metals market [1] Group 1 - The decline in silver futures reflects broader volatility within the precious metals complex [1]

Market Overview - The indices experienced fluctuations in the afternoon, with declines narrowing. The Shanghai Composite Index reported at 4078.82 points, down 0.57%, while the Shenzhen Component Index was at 13969.10 points, down 1.32%, and the ChiNext Index at 3266.71 points, down 1.35% [1] Sector Performance - The banking sector saw significant gains, with Xiamen Bank hitting the daily limit and reaching a new high since June 2021 [1] - The innovative drug sector was notably active, with Guangsheng Tang rising over 10% [1] - The securities sector also experienced a surge, with Hualin Securities hitting the daily limit and other companies like Huaxin Securities, Huatai Securities, and Dongfang Caifu following suit [1] - The tourism and hotel sector showed strength, with Sanxia Tourism reaching the daily limit [1] - Conversely, the precious metals sector faced ongoing adjustments, with Hunan Gold and Hunan Silver hitting the daily limit down [1] - The afternoon saw weakness in the electric grid equipment stocks, with Sifang Co. hitting the daily limit down [1] Stock Movement - Overall, the market saw more stocks declining than rising, with over 3500 stocks down [1] - The beauty care, film and television, and banking sectors led in gains, while BC batteries, photovoltaic equipment, and precious metals sectors led in losses [1]