Gold in One Night Falls Below 4,500; Silver Plunges 4%; “Interest-Free Assets” Get Beaten Up Together
Last night, it wasn’t just the crypto market that got smashed by Woosh’s broadside—gold and silver went down too.
Spot gold closed down 2.95% to $4,453.67 per ounce, breaking directly below the 4,500 level and marking its worst single-day performance since early June. Even worse was the intraday move: gold was up nearly 1% at one point. After Woosh took the stage, it suddenly dumped—classic “catching the falling knife” action at high levels.
Silver was even harsher. It crashed 4.16%, closing at $66.33 per ounce. Earlier it had still been up more than 2%—in just over an hour, it gave it all back.
Why did gold—“the king of safe havens”—crack? Because last night’s hawkishness from Woosh was textbook-level. Bloomberg calculations: measured by the immediate increase in the two-year U.S. Treasury yield, it was the most hawkish Jackson Hole speech since 2009—more aggressive than the two remarks from Powell in 2022 and 2023. The two-year U.S. Treasury yield closed at 4.356%, a one-month high. The 30-year yield moved back above 5.2%, the highest level since 2007. The U.S. dollar index rose 0.5%.
The logic is simple: gold doesn’t pay interest—when interest rates are higher, the opportunity cost of holding gold rises. One level deeper: this round of gold’s rally was driven by a “depreciation trade” fueled by the surge in “U.S. Treasury holdings above $40 trillion plus the Treasury’s buyback/repurchase program,” with the market betting that the Fed would coordinate with the Treasury to suppress yields and, in effect, ease policy. The result: Woosh stated directly that financial conditions are not tight, and that he mainly manages prices. The core assumption behind the depreciation trade was immediately disproven.
Gold and Bitcoin fell together last night—that was the signal: the market shifted from “betting on currency depreciation” to “betting on Fed rate hikes.”
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The peak of Bitcoin’s current bull cycle is likely driven by institutional capital and ETF demand outside the United States.
Improved stablecoin liquidity and continued development of tokenized asset infrastructure will expand global market participation.
For example, in South Korea, the country currently lacks spot Bitcoin ETFs, retail investors cannot buy overseas-listed spot Bitcoin ETFs, and most companies cannot open trading accounts to buy Bitcoin. South Korea has begun phasing in access for businesses. The Financial Services Commission (FSC) roadmap covers roughly 3,500 listed companies and eligible professional investors, but financial institutions and other firms are still excluded.
Strategy’s Bitcoin banking industry adopts an index-based assessment of 25 major institutions across areas such as trading, custody, digital asset products, financing, and corporate participation, with an overall adoption rate of 32%. Data shows that the value of globally tokenized distributed assets is $38.63 billion, up 2.65% from 30 days ago. The Bank for International Settlements (BIS) notes that stablecoins have the potential to enable faster, programmable payments, but their current design may introduce risks related to financial integrity, liquidity, and monetary aspects.
In the two years before listing, U.S. spot Bitcoin ETFs accumulated net inflows of about $57 billion.
The next phase will be global institutionalization, when more institutions view Bitcoin as a strategic asset and countries lacking ETFs will further develop their investment channels.
💥 With the Great Way abandoned, benevolence and righteousness arise; when wisdom appears, great deception follows. 💥 When the Great Way is discarded, it’s then that people deliberately advocate benevolence and righteousness; as scheming cleverness becomes prevalent, hypocrisy also grows.
#美联储9月加息概率升至57% #比特币现货ETF结束9日净流入
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