贵金属与股票在2天内迅速回档，使市场推测部分使用杠杆的投资者正被迫跨资产出售，以满足资金或保证金义务。Vantage Point Asset Management（新加坡）的投资长Nick Ferres表示，多个资产类别出现「快速去杠杆」是杠杆资金撤出部位的讯号；其基金已「转为防御」，并配置「大量短天期债券」以度过波动。该观点将抛售的速度与范围，与杠杆资金的被动调整连结起来。
周一的卖压在亚洲股市中显得相对不分标的：以科技股为主的南韩重挫，使Kospi指数下跌超过5%，台股以及美国与欧洲股指期货均下跌超过1%。黄金与白银大幅下挫；美元连续第2天走强，而美国公债殖利率曲线各期限均上涨（价格走高）。在杠杆升温之际，北京已提高警觉：中国主管机关于上月收紧融资规则，新规要求投资者提供相当于其以信用买入证券「全额」的保证金（100%），高于先前的80%门槛，以抑制风险。
The report dated February 2, 2026 (4:14 PM GMT+8) argues that a key clue to why Asian equities tumbled after a selloff in precious metals is that margin debt used to buy stocks has reached its highest levels since the global financial crisis. Outstanding margin debt on China’s stock exchanges rose to a record last week as inflows surged into gold and silver ETFs, while gold, silver, and global equities all climbed to all-time highs. Comparable margin-loan gauges for Taiwan and Japan also jumped back to levels last seen during the financial crisis, signaling a simultaneous rise in leverage and risk-taking.
The fast, 2-day pullback in both precious metals and stocks has fueled speculation that some leveraged investors are being forced to sell across their portfolios to meet funding or margin obligations. Nick Ferres, chief investment officer of Vantage Point Asset Management in Singapore, said the “rapid unwind” across multiple asset classes indicates leveraged funds are exiting positions; his fund has “turned defensive,” holding “a lot in short-dated bonds” to ride out the turmoil. This framing links the speed and breadth of selling to compelled deleveraging rather than selective repositioning.
On Monday, the selling in Asian stocks looked relatively indiscriminate: tech-heavy South Korea slumped, pushing the Kospi index down more than 5%, while Taiwan shares and US and European equity index futures fell more than 1%. Gold and silver plunged; the dollar strengthened for a second day, and Treasuries rallied across the curve. With leverage escalating, Beijing had already stepped in: Chinese authorities tightened margin-financing rules last month, requiring investors to post margin equal to the full value of securities bought on credit (100%), up from the prior 80% threshold, to curb risks.