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Last night, the precious metals market experienced a bloodbath. Domestic gold prices plummeted nearly 1900 yuan per gram, and international gold prices fell in tandem; silver was even more tragic, with intraday flash crashes exceeding 10%, and the bullish panic selling was extremely fierce. Over $2 trillion in market value evaporated from the global precious metals market in one day — this is not a simple correction, but a complete wealth slaughter.

Why did this happen? Three reasons are fermenting simultaneously:

The profit-taking from the previous large gains is疯狂ly fleeing, and any slight disturbance can trigger a stampede. The dollar suddenly rebounded, and market expectations for rate cuts began to waver, with a strong dollar directly suppressing the upward space for gold prices. More critically, key technical support levels were broken, triggering a chain of stop-losses from institutions and algorithmic orders.

Is this the end of the bull market or the last golden pit? History tells us that in a true bull market, those疯狂 shakeouts are often clearing the way for the next rally. But for investors who are fully invested and chasing highs, this night has already become a nightmare.

The most ironic thing is that when gold, once hailed as a "safe-haven asset," itself becomes risky, what do you still believe is a true safe harbor? The faith in financial markets is undergoing the most severe stress test.