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The United States experiences a rare triple sell-off, with gold soaring past $4,700

Last night, the US markets exploded. After Trump’s tariff move, the entire situation started to spiral out of control. Look at the stocks—Dow Jones plummeted 1.76%, the S&P 500 dropped over 2 percentage points, and the Nasdaq was even harder hit, falling 2.39%, with tech stocks leading the decline.

But this is just the beginning. The US dollar index also collapsed to 98.642, hitting a two-week low; on the bond side, the 10-year US Treasury yield surged 6 basis points to 4.29%—the highest since August last year. Stocks, bonds, and currencies all falling together—this multi-asset sell-off is what foreigners call "selling off America."

The wildest is commodities. COMEX gold futures for February delivery broke through $4,700 per ounce, and trading in Asia continued to climb. The risk aversion sentiment has completely exploded.

An even more alarming signal has emerged—Danish pension funds announced they will liquidate $100 million in US Treasuries by the end of the month. Their reason is straightforward: the US’s financial situation is a bit frightening. Even Guy Adams, a US financial professional, spoke out, saying that such "multi-sell" scenarios are usually seen only in developing countries. The fact that the US is experiencing this now is not a normal situation.

Deutsche Bank previously analyzed that Europe will eventually turn capital into a weapon of retaliation. This view aligns with Ray Dalio’s perspective at Bridgewater—behind trade conflicts is a battle of capital, and as geopolitical tensions escalate, countries will reduce their holdings of each other’s bonds and shift to hard currencies like gold. History has repeatedly validated this.

Now the question is: is this just the appetizer? Will the US Treasury sell-off spread to global pension funds, central banks, and sovereign wealth funds? Is there still room for gold to rise after stabilizing at $4,700? Share your thoughts.