#全球科技股抛售冲击风险资产 The financial markets have been in complete chaos these days. How much have your assets lost? Since the end of January, a sudden crash has caught everyone off guard. Over in the US stock market, the Dow Jones index dropped nearly 600 points in one day, the S&P 500 turned negative directly, and the Nasdaq also took a tumble. What about cryptocurrencies? Bitcoin slid from the peak of over $60,000 at the end of last year, losing more than 26% of its market value. Gold and silver, which were originally regarded as the safe havens, also couldn’t escape this disaster, with gold prices plunging from above $5,400 down to around $4,900, and silver prices fared even worse, crashing nearly 30%. This round of collapse is like a collective escape for survival; everyone wants to know, among gold, silver, US stocks, and cryptocurrencies, who can withstand the most punishment?
Let's talk about the background first. This wave of declines did not come out of nowhere; the main trigger was the news about the nomination of a new chairman of the Federal Reserve, coupled with increasing global economic uncertainty. Investors suddenly began to sell off high-risk assets, turning to safer assets, but ironically, even traditional safe-haven assets were affected this time. According to foreign media reports, on February 5th, the Dow Jones dropped by 1.2%, the S&P 500 dropped by 1.23%, and the Nasdaq dropped by 1.59%. This is not a one-day affair; throughout 2026, U.S. stocks have been struggling on the edge of negative growth. Tech stocks led the decline, like those popular AI and semiconductor companies; investor confidence has collapsed, and everyone feels that interest rates won’t drop so soon, with economic recovery still far off. The volatility of U.S. stocks is already high; during this crash, their performance can be described as average, with declines not being the most severe, but recovery will also be challenging.
Now let's look at cryptocurrencies. This asset has always been a representative of high risk and high returns. Taking Bitcoin as an example, it has dropped over 30% from its peak in October of last year, recently even falling below the 70,000 mark to below 64,000. The crypto market has evaporated about $1.2 trillion, as investors flee risk assets, turning to traditional assets like gold. The volatility in crypto is too great; during this crash, it behaved like a roller coaster, initially rising with U.S. stocks and then plummeting. Why is it so fragile? Because it is highly dependent on market sentiment and leveraged trading; once panic spreads, selling cannot be stopped. In comparison, crypto has definitely been the least resilient during this decline, suffering heavy losses and facing significant challenges for a rebound in the short term.
As for silver? This thing is even more tragic. Silver hit a high of $116 on January 28, having risen 278% over the year, but last Friday, it dropped 26% in one day, to around $85, marking the largest single-day drop in history. Why is silver so fragile? It is not as purely a safe haven as gold; it is more affected by industrial demand, such as in the electronics and solar energy industries. Now that the economy is slowing, this demand has weakened, and coupled with forced liquidations of leveraged positions, silver has become a disaster zone. Silver prices evaporated a large portion of their gains during the crash. Although it is still showing overall growth this year, the decline reached 30%, much harsher than gold. Silver's ability to withstand shocks can only be described as average; it is suitable for short-term players but not stable.
In the end, gold is the winner. The price dropped from $5390 to $4895, a single-day drop of 9%. It sounds painful, but compared to others, it is actually the most stable. This time, the collapse in gold prices is more about positioning issues—investors had previously over-leveraged their purchases, leading to forced selling. However, the fundamentals of gold have not changed; it remains the preferred hedge against inflation and geopolitical risks. Although it is overheated in the short term, the long-term bull market for gold is not over. This year, gold prices have risen by 11%, while Bitcoin has dropped by 26%, and although silver has risen, it has collapsed even more severely, with U.S. stocks turning negative. Gold has dropped the least during the crash and quickly stabilized, even rebounding a bit in February. Why does it hold up the best? Because it does not rely on speculation; it is supported by solid global demand, from central bank reserves to individual investments.
Overall, this round of sharp declines has tested the resilience of every asset. Cryptocurrency is the most fragile, like a young person, unable to withstand the storm; silver has some industrial properties but is too volatile; U.S. stocks represent the economic barometer and have also fallen this time; as for gold, although it hurts, it is like an old hand, dropping less and recovering quickly. So, if I had to choose the most resilient one, I personally vote for gold. Of course, investing has risks; this is just my opinion, and the content above is just a general overview. Everyone should look at the data more and make their own judgments. The market goes up and down; this crash might be a buying opportunity. Typing isn’t easy, dear friends, please pay attention. I will bring you exciting content every day.
