<p>我最近發表了看法，認為 2026 年 1 月 26 日將被視為美國金融市場流動性震盪的日子。</p>
<p>一切都在同一時間顫動，大約在東部時間上午 10 點。美元飆升，日元也上漲，黃金和白銀下跌，股票也下跌，油價暴跌，而債券幾乎沒有反應。這些都是 ‘某種東西在表面下斷裂’ 的跡象。</p>
<p>我不知道是誰或是什麼，因為這很快就被掩蓋了，但跡象是顯而易見的。</p>
<p>現在，我們在 2 月 5 日似乎又面臨一系列流動性問題。股票正在被拋售，油氣遭受重創，金屬被大量拋售，比特幣也遭受重創。但債券幾乎沒有反應，通常在這種市場拋售中價格會攀升，但它們並沒有。</p>
<p>這張圖片是 2026 年 2 月 5 日中午左右拍攝的。</p>
<p><em>(點擊圖片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/Markets-futures-Feb-5th-2026.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/Markets-futures-Feb-5th-2026.jpg"/></p>
<p>那麼，所有這些錢都去哪了？它們去了 ‘錢的天國’。至少在那些借錢投資或投機的人和公司中是這樣。當這些策略變得緊張時，他們會平倉，拋售他們所擁有的，買入興趣相對於賣出壓力乾涸，價格就會下跌。</p>
<p>這就是你在 ‘流動性枯竭’ 時看到的模式。</p>
<p>如果我們查看股票的一個月回報，可以很容易看到，資金正在從科技股普遍轉向經典防禦性股票，尤其是人工智能，以及金融股……而且顯著地轉向石油公司。這一點很有趣，因為石油本身在過去一年中並沒有顯著上漲，遠低於一年前的水平。</p>
<p><em>(點擊圖片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/The-GReat-Rotation-Feb-2026.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/The-GReat-Rotation-Feb-2026.jpg"/></p>
<p>這就是你在長期牛市頂部看到的 ‘大輪換’。大型投資者和機構逐漸遠離那些性感的、高飛的動量股，而是購買消費防禦性、公共事業、房地產投資信託和醫療保健股票。</p>
<p>與此同時，歐洲、亞洲、澳大利亞和美國存在顯著的白銀產品短缺。但這並沒有阻止銀行家們用他們慣用的卑鄙手段猛烈抨擊紙白銀。</p>
<p>這些手段主要包括在深夜的非常短時間內傾倒大量紙合約。</p>
<p>昨晚也不例外，當然，按照 CME 規則 589 的要求並沒有暫停交易：</p>
<p><em>(點擊圖片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/Silver-slam-Feb-4th-2026-NO-Halt.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/Silver-slam-Feb-4th-2026-NO-Halt.jpg"/></p>
<p>_“讓它繼續！”_他們在 CME 説，只要是向下的。我相信，如果是向上的類似舉動，肯定會嚴格執行暫停。</p>
<p>所以請收聽更多內容，瞭解為什麼擁有一個風險管理的投資組合是應對似乎即將到來的波動性的好方法。</p>
<p><em>視頻時長：01:19:10</em></p>
<hr/>
<p><em>更多作者作品：</em></p>
<p>特朗普的美元貶值要麼有效，要麼無效</p>
<p>當人工智能泡沫破裂時，損失將是嚴重的</p>
<p>被高估的股票正在忽視這七個衰退指標</p>

<p>這篇文章討論了美國金融市場可能出現的流動性危機，表現為股票、石油和金屬的大幅拋售，而債券則保持穩定。這表明市場正在發生一場 “偉大的輪換”，從高增長的科技和金融等行業轉向防禦性股票。作者指出，儘管市場受到操控，白銀仍然存在持續短缺。文章強調，在應對即將到來的市場波動時，風險管理投資組合的重要性</p>

<p>I recently opined that January 26th, 2026, was going to be recognized as the day a liquidity tremor rippled across the U.S. financial markets.</p>
<div class="lb-trans"><p>我最近發表了看法，認為 2026 年 1 月 26 日將被視為美國金融市場流動性震盪的日子。</p>
</div><p>Everything trembled at once, at ~ 10:00 a.m. ET.The dollar spiked, so did the yen, gold and silver fell, so did stocks, oil got smoked, and bonds barely reacted at all.These are the signs that ‘something snapped’ beneath the surface.</p>
<div class="lb-trans"><p>一切都在同一時間顫動，大約在東部時間上午 10 點。美元飆升，日元也上漲，黃金和白銀下跌，股票也下跌，油價暴跌，而債券幾乎沒有反應。這些都是 ‘某種東西在表面下斷裂’ 的跡象。</p>
</div><p>I have no idea who or what, because it was rather quickly papered over, but the signs were unmistakable.</p>
<div class="lb-trans"><p>我不知道是誰或是什麼，因為這很快就被掩蓋了，但跡象是顯而易見的。</p>
</div><p>And now, we have what appears to be another set of liquidity troubles here on February 5th. Equities are getting sold, oil and gas are getting clobbered, the metals are being sold hard, and Bitcoin is getting clobbered, too. But bonds are barely reacting, which would ordinarily be climbing in price if this were a typical market sell-off. But they are not.</p>
<div class="lb-trans"><p>現在，我們在 2 月 5 日似乎又面臨一系列流動性問題。股票正在被拋售，油氣遭受重創，金屬被大量拋售，比特幣也遭受重創。但債券幾乎沒有反應，通常在這種市場拋售中價格會攀升，但它們並沒有。</p>
</div><p>This image is from February 5th, 2026, around noon.</p>
<div class="lb-trans"><p>這張圖片是 2026 年 2 月 5 日中午左右拍攝的。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/Markets-futures-Feb-5th-2026.jpg" alt="" original-src="https://peakprosperity.com/wp-content/uploads/2026/02/Markets-futures-Feb-5th-2026.jpg"/></p>
<p>So where is all that money going?It’s going to money heaven.At least to the extent that people and firms have borrowed to invest or speculate.When those strategies get nervous, they close out their positions, selling whatever they’ve got, buying interest dries up relative to selling pressure, and things go down in price.</p>
<div class="lb-trans"><p>那麼，所有這些錢都去哪了？它們去了 ‘錢的天國’。至少在那些借錢投資或投機的人和公司中是這樣。當這些策略變得緊張時，他們會平倉，拋售他們所擁有的，買入興趣相對於賣出壓力乾涸，價格就會下跌。</p>
</div><p>That’s the sort of pattern you see when “liquidity dries up.”</p>
<div class="lb-trans"><p>這就是你在 ‘流動性枯竭’ 時看到的模式。</p>
</div><p>If we look at the one-month returns for equities, we can easily see that there’s a rotation away from technology generally and AI very specifically, and finance to classic defensive stocks…and quite pointedly oil companies too.That’s an interesting thing to note since oil itself hasn’t moved up appreciably over the past year and is well below where it was a full year ago.</p>
<div class="lb-trans"><p>如果我們查看股票的一個月回報，可以很容易看到，資金正在從科技股普遍轉向經典防禦性股票，尤其是人工智能，以及金融股……而且顯著地轉向石油公司。這一點很有趣，因為石油本身在過去一年中並沒有顯著上漲，遠低於一年前的水平。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/The-GReat-Rotation-Feb-2026.jpg" alt="" original-src="https://peakprosperity.com/wp-content/uploads/2026/02/The-GReat-Rotation-Feb-2026.jpg"/></p>
<p>This is the sort of Great Rotation you see marking the tops of long bull runs.Big investors and institutions creep away from the sexy, high-flying momentum stocks and instead buy consumer defensive, utilities, REITs, and healthcare stocks.</p>
<div class="lb-trans"><p>這就是你在長期牛市頂部看到的 ‘大輪換’。大型投資者和機構逐漸遠離那些性感的、高飛的動量股，而是購買消費防禦性、公共事業、房地產投資信託和醫療保健股票。</p>
</div><p>Meanwhile, significant silver product shortages exist in Europe, Asia, Australia, and the US.But that hasn’t stopped the banksters from slamming paper silver hard, with their usual retinue of sordid tricks.</p>
<div class="lb-trans"><p>與此同時，歐洲、亞洲、澳大利亞和美國存在顯著的白銀產品短缺。但這並沒有阻止銀行家們用他們慣用的卑鄙手段猛烈抨擊紙白銀。</p>
</div><p>Those mainly consist of dumping massive volumes of paper contracts across a very tiny window of time late at night.</p>
<div class="lb-trans"><p>這些手段主要包括在深夜的非常短時間內傾倒大量紙合約。</p>
</div><p>Last night was no exception, and, of course, there was no halt as ‘required’ by CME rule 589:</p>
<div class="lb-trans"><p>昨晚也不例外，當然，按照 CME 規則 589 的要求並沒有暫停交易：</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://peakprosperity.com/wp-content/uploads/2026/02/Silver-slam-Feb-4th-2026-NO-Halt.jpg" alt="" original-src="https://peakprosperity.com/wp-content/uploads/2026/02/Silver-slam-Feb-4th-2026-NO-Halt.jpg"/></p>
<p><em>“Let it rip!”</em> they said at the CME, as long as it’s to the downside.I have every confidence that a similar move to the upside would have had halts applied religiously.</p>
<div class="lb-trans"><p>_“讓它繼續！”_他們在 CME 説，只要是向下的。我相信，如果是向上的類似舉動，肯定會嚴格執行暫停。</p>
</div><p>So tune in to hear more, and find out why having a risk-managed portfolio is a good way to manage the volatility that seems to be headed our way.</p>
<div class="lb-trans"><p>所以請收聽更多內容，瞭解為什麼擁有一個風險管理的投資組合是應對似乎即將到來的波動性的好方法。</p>
</div><p><em>Video Length: 01:19:10</em></p>
<div class="lb-trans"><p><em>視頻時長：01:19:10</em></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多作者作品：</em></p>
</div><p>Either Trump’s Dollar Weakening Works Or It Doesn’t</p>
<div class="lb-trans"><p>特朗普的美元貶值要麼有效，要麼無效</p>
</div><p>When The AI Bubble Bursts, The Damage Will Be Severe</p>
<div class="lb-trans"><p>當人工智能泡沫破裂時，損失將是嚴重的</p>
</div><p>Overvalued Equities Are Ignoring These Seven Recession Indicators</p>
<div class="lb-trans"><p>被高估的股票正在忽視這七個衰退指標</p>
</div>

Has The Great Rotation Begun?

- 2026 年 1 月 26 日，美國金融市場經歷流動性震盪，美元和日元上漲，商品價格下跌。  
- 2 月 5 日，再次出現流動性問題，股票及商品價格大幅下跌。  
- 投資者在避險，資金流向防禦性股票，而高風險資產被拋售。

大輪動是否已經開始？