An in-depth analysis of the multiple driving mechanisms behind the violent shock in the international gold and silver market on December 29, 2025. It covers the withdrawal of safe-haven funds triggered by the easing of the geopolitical situation, the suppression of non-interest-bearing assets caused by the revision of the Federal Reserve's monetary policy expectations, and the liquidity stampede triggered by the CME's margin increase. Wmax Market Observation helps you understand the underlying logic of gold and silver price fluctuations and identify market rebalancing signals in an environment of tight liquidity at the end of the year.