Seeing precious metal prices hit new highs again, many are curious: why are prices soaring while the recycling volume hasn't kept up? In fact, this reflects two completely different market forces.

Price fluctuations are more about market expectations and capital battles. But what determines whether you decide to sell? That's a whole other matter. For many asset holders, the precious metals in their hands have long gone beyond simple price tags—they are a psychological stabilizer, a tool for hedging uncertainty, and even a long-term defensive allocation.

Interestingly, the higher the price, the harder it is to take action. Why? Because a high price means that once you sell, you lose that certainty. The benefit of holding on is straightforward: at least you can use it to cope with market volatility and economic changes.

This is the subtlety of the market—on the surface, it's about trading numbers, but at its core, it's a psychological game. What truly influences market sentiment is never how high the price is itself, but people's judgment of future trends. Behind seemingly contradictory phenomena, there is actually a hidden understanding of risk among participants.