Gold lost $4 trillion in a single day, dragging tech stocks down with it! When will the bottom-fishing window open?

① The sharp drop in precious metals at the end of January was not a fundamental failure, but the collective curtain call of highly leveraged long positions. At the beginning of 2026, overbought gold collapsed under the expectation of Kevin Warsh taking over the Fed, turning into a liquidity black hole that swallowed everything. To cover the huge losses from gold positions, hedge funds were forced to sell highly liquid tech giants, dragging the Nasdaq down with them.

② Warsh's tough defense of the dollar's credibility cooled the previously popular "dollar collapse" theory. History always rhymes in panic, just like the washouts in 2008 and 2020. Gold often leads the decline in the early stages of a liquidity crisis, clearing out speculative capital.

③ Bottom-fishing requires not only courage but also precise timing. Now, we need to closely watch the inflection point in the dollar index's slope and signals of CME margin cuts to confirm whether the "falling knife" has landed. When the market is forced to sell its beloved assets for survival, it is often the best ambush point for value to return.