Late at night, U.S. stocks surged! Shanghai Silver hit the daily limit down! Trump launched the "Vault Plan"!

On the evening of February 2nd, the three major U.S. stock indices all opened lower, then quickly rallied, and as of the time of writing, they have all turned positive.

Spot gold fluctuated and weakened. As of the time of writing, it was at $4694 per ounce, down nearly 4%. London silver is quoted at $78.6 per ounce, down nearly 8%. The main contract of domestic Shanghai silver futures opened lower and continued to decline, hitting the limit down with a 20% drop, at 20,600 yuan per kilogram.

Institutions pointed out that the intrinsic reason for the “roller coaster” in gold prices lies in the extremely crowded long positions in the precious metals market and technical selling pressure, triggering a chain reaction of “longs stampeding to exit.” The CME raised margin requirements for gold and silver futures, and forced rebalancing sell-offs of major commodity indices due to gold and silver weightings exceeding standards, both of which amplified technical selling pressure.

In the U.S. stock market, rare earth concept stocks performed strongly, with NioCorp Developments rising nearly 9%, and Critical Metals, TMC the metals, among others, leading the gains.

According to reports, U.S. President Trump plans to launch a strategic critical mineral reserve project called the “Vault Project,” with an initial funding scale of $12 billion, aimed at protecting U.S. manufacturers from supply shocks. The Vault Project will combine $1.67 billion in private capital and a $10 billion loan from the Export-Import Bank (EXIM), used for procurement and storage of mineral resources for automakers, tech companies, and manufacturers.

The storage sector strengthened, with SanDisk rising over 12%, and Seagate Technology and Western Digital also seeing significant gains.

On the news front, based on data from the two major NAND flash memory manufacturers SK Hynix and SanDisk in their Q4 2025 financial reports, the ASP (average selling price) of NAND increased by over 30%.

Oracle rose over 1%. On February 1st, Oracle announced plans to raise between $45 billion and $50 billion through a combination of bonds and stock issuance in 2026 to expand cloud infrastructure. “Oracle is raising funds to expand capacity to meet contract demands from cloud infrastructure clients including AMD, Meta, Nvidia, OpenAI, TikTok, and xAI,” the company stated in a release.

Disney’s stock price once fell over 7%. On February 2nd, Disney announced: first-quarter revenue of $25.98 billion, compared to an estimated $25.69 billion, a 5% year-over-year increase; first-quarter adjusted earnings per share of $1.63, versus an estimated $1.56.

Nvidia fell more than 2%. Recently, there were reports that Nvidia is considering reducing its investment in OpenAI. In response, Nvidia CEO Jensen Huang stated on Saturday that recent reports about friction between his company and OpenAI are “nonsense.” It is known that the two companies announced a plan in September, where Nvidia would invest up to $100 billion in OpenAI and build 10 gigawatts of computing infrastructure for the AI company.

In the Chinese concept stocks, the Nasdaq China Golden Dragon Index fell nearly 1%. New energy vehicle stocks led the decline, with XPeng Motors dropping over 9%, NIO falling nearly 6%, and Niu Technologies dropping over 4%.