Gold, silver, and Bitcoin lose all pricing power! JPMorgan: Market is watching U.S. bonds, not demand
Before the 2026 Spring Festival, gold, silver, and Bitcoin all retraced simultaneously, with institutions buying and selling all three. JPMorgan states that U.S. bond yields control 70% of the gold price setting power. In 2025, gold ETF inflows reached 89 billion, while silver leverage liquidations occurred. The paper silver market collapsed, but physical premiums in Shanghai and Dubai soared by $20, with central banks purchasing 750-950 tons of gold to support the floor.