<div id="readability-page-1" class="page"><div><div><p>On Friday, January 30, 2026, global financial markets experienced unprecedented volatility, causing immense anxiety among investors. Particularly concerning was the sharp drop in international spot gold prices from its previous high of nearly $5,600 per ounce, falling to around $5,100 at one point, a single-day decline of 6%-8%, wiping out months of gains. Spot silver fared even more dramatically, plummeting by over 12% at one point. Bitcoin quickly fell from above $89,000, hitting a low of $82,000-$84,000, a drop of approximately 5%-7%, putting pressure on the entire crypto market. The A-share market was not spared either. In the morning session, the precious metals sector led the decline in both Shanghai and Shenzhen markets, with the sector as a whole falling by more than 8%. Many individual stocks approached or directly hit their daily limit down at the open: Sichuan Gold, Zhongjin Gold, Hunan Silver, and Baiyin Nonferrous Metals all hit their daily limit down, while Shandong Gold, Chifeng Gold, and Shengda Resources suffered heavy losses of 8%-10%. According to the latest market data, trading volume increased for many stocks within the sector, indicating significant profit-taking and the release of panic selling. According to multiple media reports, Trump confirmed Thursday evening that the nominee will be announced Friday morning. Market speculation on potential nominees included former Federal Reserve Governor Kevin Warsh (hawkish leanings), Rick Rieder (head of fixed income at BlackRock, dovish with extensive market experience), National Economic Council Director Kevin Hassett, and current Federal Reserve Governor Christopher Waller. Warsh's nomination probability was initially predicted to be high. This directly fueled market concerns about the uncertainty surrounding the interest rate cut path, leading to a short-term rebound in the dollar, upward revisions to real interest rate expectations, and pressure on non-interest-bearing and high-risk assets. As a veteran with over a decade of experience in the crypto market, I've witnessed far too many similar &#34;black swan&#34; moments: from the Christmas sell-off caused by Trump's public criticism of Powell in 2018, to the prolonged correction in gold prices from $2070 to $1620 during the 2022 interest rate hike cycle, and the multiple bear markets in the crypto market with losses exceeding 80%. Today's dramatic shock is not the end of the world, but rather the market's most direct reminder: Overly crowded expectations at high levels will always be corrected; uncertainty is the norm in the financial world. More importantly, it provides us with a valuable opportunity to review the situation, helping us improve our understanding and become more composed. I. A Complete Breakdown of the Event: Data and Logic Correspond One-to-One – Why Did Everything Collapse Simultaneously? Let's use data and facts to reconstruct the entire process step by step and understand the underlying logical connections. The excessive gains in the early stages have accumulated significant vulnerabilities. Entering 2026, precious metals and crypto assets experienced a frenzied surge. International gold prices soared from around $4,300-$4,500 at the beginning of the year to around $5,600, a cumulative increase of over 20%; silver fared even better, repeatedly hitting new historical highs in a short period. The A-share precious metals sector saw astonishing gains over the past year, with some individual stocks rising by over 200%, and most experiencing gains of over 80% in the past month. Bitcoin also rebounded from its lows at the end of 2025, briefly approaching $90,000 at the beginning of 2026. Historical data tells us that when an asset's short-term gains exceed 50%-100%, profit-taking and crowded trades accumulate significant risks. Once an event is triggered, a stampede-like sell-off is almost inevitable. This is highly similar to the 20% pullback in gold prices at the beginning of the Fed's rate hikes in 2022. The uncertainty surrounding Trump's nomination became the direct trigger. Current Chairman Powell's term ends in May 2026, and Trump has repeatedly expressed public dissatisfaction with the &#34;insufficient 力度&#34; of rate cuts. The market had previously over-bet on &#34;Trump's rise to power inevitably bringing a large-scale easing and low-interest-rate environment,&#34; which fueled a frenzy in non-interest-bearing assets. However, Trump's statement on Thursday night that &#34;the nominee will be announced tomorrow morning&#34; instantly changed the game. The candidate list included both doves like Rieder and hawks like Warsh, raising market concerns about increased Fed independence and a slower rate-cutting path. The result: the dollar index rebounded in the short term, and the expected real yield on 10-year US Treasury bonds was revised upward. Gold, as a typical non-interest-bearing asset, was the first to be impacted—a flash crash began late Thursday night and accelerated in early Friday trading. Silver, with its stronger industrial properties, saw a larger drop. Risk spreads rapidly: from precious metals to cryptocurrencies, and then to global stock markets. Bitcoin is often considered &#34;digital gold,&#34; but its high beta nature makes it more susceptible to amplified volatility during periods of tightening liquidity. Starting Thursday evening, Bitcoin quickly fell from a high of $89,000, reaching a low of around $82,000 in early Friday trading, a single-day drop of over 5%. This is related to the simultaneous pressure on Nasdaq tech stocks—heavyweight stocks like Microsoft dragged down US stocks, global risk appetite declined, and deleveraging across multiple assets was triggered. The collective plunge in the A-share precious metals sector is a direct reflection of international price transmission: international gold and silver prices plummeted overnight, and domestic futures and stocks followed suit in the morning, with a wave of limit-down stocks appearing at the open.</p><li><p><strong><span>In-depth background: Macroeconomic expectations are quietly being revised</span></strong><span>The Fed kept interest rates unchanged at its January meeting, and Powell's speech did not specify a timetable for a significant rate cut; coupled with the possibility that Trump's tariff policies may push up inflation expectations, concerns about &#34;high interest rates lasting longer&#34; have resurfaced. Data shows that although the central bank's gold purchases have been stable recently, investors are showing strong profit-taking sentiment. This adjustment is a typical product of a reversal in liquidity expectations, which is similar to the multiple upheavals during the Fed chairman transition period in 2018-2019. </span></p></li><h2><strong><span>II. Core insights from veteran financial professionals: Volatility is the breath of the market, maturity lies in learning from it</span></strong></h2><p><span>The market is never a straight road, but a mountain road full of ups and downs. Every major shock is a test of our understanding. So-called &#34;safe-haven assets&#34; also exhibit clear cyclicality. Gold shines brightly in environments of high inflation, geopolitical conflict, and low interest rates, but it also experiences significant pullbacks when real interest rates rise and profits are realized. Historical data shows that gold fell by over 20% during the 2022 interest rate hike cycle, and nearly 30% during the &#34;taper tantrum&#34; of 2013. Bitcoin is even more volatile, often experiencing 70%-80% pullbacks during bear markets. The lesson is that no single asset is a permanent safe haven; they all have their own sensitive macroeconomic triggers. Policy uncertainty is the biggest variable, but also a sign of growth. Trump's style has always been unpredictable; the market previously over-interpreted his dovish tendencies, and today is a time for correction. Similar to 2018 when Trump's tweet criticizing Powell caused a single-day plunge of over 10% in US stocks. Expert thinking: Uncertainty is inevitable; instead of trying to predict it accurately, learn to respect it and maintain an open mind. Emotions amplify everything; greed at high levels often comes at a price. When prices rise too quickly in the early stages, market sentiment easily shifts from rationality to frenzy. Today's sharp correction is a natural balancing of this sentiment. Data shows that funds that chase high prices often bear the greatest pressure during pullbacks. III. A Rational Approach to Market Volatility: Emotional Management and General Risk Aversion Thinking Faced with such dramatic market fluctuations, the most important thing is to manage your emotions and remain calm. Below are some general experiences summarized by veteran financial professionals, for reference only, to help you find your inner anchor amidst uncertainty. First, take a deep breath and control your impulses: During a market crash, the most common mistake is panic selling or blindly buying the dip. Stop first and review your focus: is it short-term volatility or long-term logic? History has repeatedly proven that emotional decisions often lead to regret. Focus on the big picture, not a single event: Track key indicators such as real interest rates (US Treasury yields minus inflation expectations), the dollar's trajectory, and geopolitical dynamics. These are the true anchors for precious metals and risk assets. Today's correction is essentially a revision of expectations, not a collapse of fundamentals. Think about diversification and balance: Different assets perform differently in different environments. Bonds are relatively stable when interest rates rise, precious metals have hedging value during periods of inflation, technology growth stocks are highly resilient during periods of easing, and crypto assets represent the digital trend. Understanding their complementarity helps build a more comprehensive perspective. Maintain a flexible mindset and accept volatility as the norm: The market will always have uncertainties. True composure comes from accepting that 20%-50% pullbacks are normal, rather than viewing them as a disaster. In the long run, adhering to rationality often allows one to navigate through cycles. Learn more from history, chase fewer hot topics: Reviewing similar past events (such as the 2018 Fed crisis and the 2022 interest rate hike bear market) reveals that each correction breeds new opportunities. Accumulated knowledge is the best emotional buffer. IV. In Conclusion: Every Major Shock is a Step Towards Greater Maturity Following Trump's nomination today, regardless of whether the outcome leans dovish or hawkish, short-term volatility may continue. But remember: The market always favors those who remain calm and continue learning. Today's volatility is not the end, but a wake-up call and a valuable lesson. It reminds us that the financial world is full of uncertainty, but it is precisely because of this that there are infinite possibilities. Take a deep breath, look rationally, and adopt a long-term perspective. We will all become wiser and more composed through each fluctuation. Let's embrace the next, more stable phase together.</span></p></div></div></div>

<p>On January 30, 2026, global financial markets faced significant volatility following the nomination of the Federal Reserve Chair. Gold prices dropped from nearly $5,600 to around $5,100, while silver fell over 12%. Bitcoin also saw a decline from above $89,000 to between $82,000-$84,000. The A-share market's precious metals sector fell over 8%, with many stocks hitting daily limits. Speculation around potential nominees raised concerns about interest rate cuts, leading to a rebound in the dollar and pressure on non-interest-bearing assets. This event highlighted the risks of crowded trades and market uncertainty.</p>

- On January 30, 2026, global financial markets faced extreme volatility, notably marked by a sharp drop in gold prices from $5,600 to approximately $5,100, alongside Bitcoin falling from $89,000 to around $82,000.  
- Uncertainty surrounding Trump's potential Federal Reserve nominee sparked market fears about interest rate cuts, leading to significant sell-offs across various asset classes, including precious metals and cryptocurrencies.  
- This incident underscores the cyclical nature of market trends and the importance of maintaining rationality and emotional control during periods of volatility.

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The nomination of the Federal Reserve Chair triggered a tsunami in gold stocks and the cryptocurrency market.