Xu Mingxing: Betting on gold in 2026 is similar to siding with the Nationalist army in 1949
Approximately: Hurry up and clear your spot $XAU
Hurry up and open a contract to short $XAU
Below is a summary of five representative gold crash events:
1. 1980–1982: The most brutal crash in history
850 → around 300 Drop: about 60%
Core reason: Gold skyrocketed in the 1970s due to the oil crisis + high inflation, reaching a historical high of 850 USD/ounce in January 1980
The Federal Reserve raised interest rates extremely to combat severe inflation, leading to a surge in real interest rates and the bursting of the speculative bubble
2. 1996: Internet boom and strong dollar
415 → 320 Drop: about 25%
Core reason: The prosperity of the American internet economy and a strong dollar attracted funds out of gold
In the 1990s, the global economy was stable, and central banks in various countries felt gold was "useless," leading to large-scale reserves sales
3. March–October 2008: Liquidity squeeze during the financial crisis
1000 → 700 Drop: about 30%
Core reason: The global financial crisis caused a liquidity drain, prompting investors to sell all assets (including gold) for cash
4. 2013: QE exit and dollar super cycle
1550 → 1320 Directly smashed down -15% Annual drop exceeded -28%
Core reason: The U.S. economy recovered, the Federal Reserve ended quantitative easing and started raising interest rates, with the dollar continuing to strengthen
5. February–March 2020: Pandemic liquidity crisis
2075 → 1670 Drop: about 14%–27% (short-term severe fluctuations)
Core reason: During the COVID-19 pandemic, market panic triggered a liquidity crisis, causing gold to be sold off in exchange for dollar cash
Wake up, the real wealth secret has never been hoarding gold at high prices, but learning to calmly say during times of greed: in the paper cash house, the professor's catchphrase:
‘Belén, el plan sigue en pie.’ (The plan is still valid)