金银价格暴跌

近日，金银价格暴跌，创下1980年以来最大单日跌幅。

今天你练听力了吗？

🤔️小作业：

1. Which comparison best illustrates the scale of silver's decline?

A. The one-day loss exceeded the entire price level of silver in June.

B. The percentage decline was larger than gold's by more than threefold.

C. The dollar loss roughly equaled half of silver's January closing price.

D. The drop was smaller than the fall seen during the Hunt brothers' episode.

无注释原文：

Gold and Silver Plunge in Worst Day Since 1980

From: The Wall Street Journal

A violent selloff Friday sent silver prices crashing and gold futures to their biggest one-day dollar decline on record, the latest twist of wild trading that has left precious metals swinging like meme stocks. 

For months, a gravity-defying rally had pushed gold and silver prices to all-time highs, enticing speculators and sparking fears that investors the world over were losing faith in traditional currencies like the dollar. Starting Thursday night, the air finally came out. 

The declines began around the time reports suggested that President Trump would nominate former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as chair of the central bank. Warsh historically has been more concerned with higher inflation than slower growth, soothing Wall Street fears that the Fed would succumb to Trump's push to lower interest rates. 

Investors worried about the future of the dollar in an era of higher inflation had piled into precious metals in recent months, powering what has become known on Wall Street as the debasement trade. 

After Trump confirmed Warsh's pick Friday morning, the dollar posted its strongest day in months. The speed of subsequent declines in precious-metals markets stretching from central banks to underground vaults to Wall Street trading desks caught investors off guard. 

Warsh “is coming with hawkish credentials,” said Dec Mullarkey, managing director of SLC Management. “That lowers the risk of debasement across the currency. You're returning to an orderly monetary approach.” 

Silver prices crashed 31%, their sharpest drop since March 1980, when the Hunt brothers' effort to corner the market unraveled. February futures, which ended Thursday at more than $114 a troy ounce, settled at $78.29. The size of that drop—$35.747—was about the price of an ounce as recently as June. 

Front-month gold futures plunged 11% to $4,713.90 a troy ounce, their steepest one-day decline since January 1980. 

The moves hammered mining stocks, helping to weigh down the S&P 500 by 0.4%. The Dow Jones Industrial Average also slipped 0.4%, or 179 points, while the Nasdaq Composite fell 0.9%.

Some analysts believe Friday's pullback was a much-needed reset for gold and silver after a dizzying rally jacked up costs for industrial users such as solar-panel makers and auto-parts manufacturers. The price of both metals still finished January significantly higher.

On Friday, analysts suggested fast-money traders taking profits at month's end or banks shielding themselves from the impact of sudden declines could have also lent momentum to the selloff.

“The short answer is I have no idea. Nobody knows,” said Adrian Ash, director of research at BullionVault. “I've been in the market for 20 years. I've never seen anything quite like this market.”

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注：完整题目见本文开头；中文文本为华尔街日报官方译文，仅供参考

含注释全文：

Gold and Silver Plunge in Worst Day Since 1980

From: The Wall Street Journal

A violent selloff Friday sent silver prices crashing and gold futures to their biggest one-day dollar decline on record, the latest twist of wild trading that has left precious metals swinging like meme stocks. 

周五的猛烈抛售导致银价暴跌，黄金期货创下有记录以来最大单日美元跌幅，这是贵金属疯狂交易的最新波折，其价格波动已像模因股一样剧烈。

表示“低价出售；廉价处理”，英文解释为“a sale of an unwanted business at a low price to encourage someone to buy it”或表示“（股票等的）抛售”，英文解释为“a sale of an investment, such as shares in a company, that causes its value to fall”

表示“期货；期货交易”，英文解释为“agreements for the buying and selling of goods, in which the price is agreed before a particular future time at which the goods will be provided”如：the futures market 期货市场。

twist /twɪst/ 作动词，表示“转动，旋转；缠绕，盘绕”，英文解释为“to turn something, especially repeatedly, or to turn or wrap one thing around another”举个🌰：The path twists and turns for over a mile. 这条小路弯弯曲曲，长达1英里多。

作名词，1）表示“扭动，转动”，英文解释为“an act of twisting something”举个🌰：She gave the cap another twist to make sure it was tight. 她又拧了一下盖子，以确保盖紧了。

2）表示“（故事或情况的）转折，转变，突然变化”，英文解释为“an unexpected change or development in a story or situation”举个🌰：The story has taken another twist. 故事情节再一次变化。

作动词，swing /swɪŋ/ 表示“挥动（拳头或器物）打击”，英文解释为“to move an object or your fist in an attempt to hit something or someone”举个🌰：I swung (the bat) and missed. 我挥动（球棒）击球，但是没有打中。

1）作名词，表示“秋千”，英文解释为“a seat for swinging on, hung from above on ropes or chains”

2）表示“摆动；挥动；转动；强劲节奏”，英文解释为“a swinging movement or rhythm”举个🌰：He took a wild swing at the ball. 他对准球猛地挥拍一击。

3）表示“改变；改变的程度”，英文解释为“a change from one opinion or situation to another; the amount by which sth changes”举个🌰：Voting showed a 25% swing to him. 投票显示25%的人转而支持他。

4）在体育赛事的背景下，它可以指一系列赛事或比赛阶段。这个用法常见于体育报道和评论中。此处，swing指的是比赛或赛季中一个特定的阶段或时段，尤其是指赛季中连续进行的一系列比赛。例如，North American hard court swing是指北美硬地赛季的一系列赛事。通常用来描述某项运动（尤其是网球）中的一段时间，运动员参加不同的赛事，通常是不同地点的同一类型比赛。

meme (/ˈmiːm/ )是指在同一个文化氛围中，人与人之间传播的思想、行为或者风格，音译为媒母、米姆、谜米、弥母，又名模因、拟子等。其实「meme」指的就是在网上迅速传播，流行起来的一些概念（或图像、视频等）等东西，可以直接解释成我们常说「梗」、「段子」、「表情包」，词典中定义为：a type of behaviour that is passed from one member of a group to another, not in the genesbut by another means such as people copying it；举个🌰：Take a look at the top ten internet memes for this past year. 看一下去年互联网上的十大梗。

meme stocks（迷因股/网红股）指的是那些主要因为网络社群（尤其是社交媒体平台，如Reddit的WallStreetBets板块、Twitter、TikTok等）的病毒式传播和散户投资者集体狂热而股价暴涨的上市公司股票。其股价的驱动因素通常不是公司基本面（如盈利能力、商业模式、发展前景），而是网络热度、市场情绪和群体行为。

For months, a gravity-defying rally had pushed gold and silver prices to all-time highs, enticing speculators and sparking fears that investors the world over were losing faith in traditional currencies like the dollar. Starting Thursday night, the air finally came out. 

几个月来，一波势不可挡的涨势将金价和银价推至历史新高，吸引了投机者，并引发了人们对全球投资者正对美元等传统货币失去信心的担忧。从周四晚间开始，这股涨势终于泄气。

gravity /ˈɡræv.ə.ti/ 1）常见含义表示“重力；地球引力”，英文解释为“the force that attracts objects in space towards each other, and that on the earth pulls them towards the centre of the planet, so that things fall to the ground when they are dropped”如：the laws of gravity 万有引力定律，物理课上学的g=9.8还是g=10你还记得吗？

🎬电影《星际迷航》（Star Trek）中的台词提到：Captain, we're caught in the gravity well. It's got us. 舰长 我们被引力井吸住了，它吸住我们了。

2）表示“严重性”，英文解释为“extreme importance and a cause for worry”，可以替换seriousness，举个🌰：Punishment varies according to the gravity of the offence. 处罚根据罪行的严重程度而有所不同。

3）表示“严肃；庄严”，英文解释为“serious behaviour, speech or appearance”举个🌰：They were asked to behave with the gravity that was appropriate in a court of law. 他们被要求在法庭上表现出应有的严肃态度。

defy 1）表示“违抗；反抗；蔑视”，英文解释为“to refuse to obey or show respect for sb in authority, a law, a rule, etc.”举个🌰：I wouldn't have dared to defy my teachers. 我可不敢不听老师的话。/跟老师作对。

2）defy belief/explanation/description 表示“不可能，无法（相信、解释、描绘等）”，英文解释为“to be impossible or almost impossible to believe, explain, describe, etc.”举个🌰：The chaos at that place defies description. 那个地方一片混乱，难以用语言形容。

🎬电影《爱丽丝梦游仙境》（Alice in Wonderland）中的台词提到：There's things in these woods that defy imagination. 树林里有你无法想象的东西。

gravity-defying字面意思是“反抗重力的”、“无视重力的”，形容事物具有极高、极挺立、极轻盈或极不寻常的形态、结构或效果，以至于看起来“不受重力约束”

entice /ɪnˈtaɪs/ 表示“诱惑；诱使；引诱”，英文解释为：to persuade someone to do something or go somewhere, usually by offering them something that they want，短语：entice sb/sth to do sth，举个🌰：Our special offers are intended to entice people to buy. 我们的特价优惠是为了吸引人们购买。

对比：

📍seduce 表示“引诱，诱惑”，英文解释为“to persuade or cause someone to do something that they would not usually consider doing by being very attractive and difficult to refuse”举个🌰：I wouldn't normally stay in a hotel like this, but I was seduced by the fabulous location. 我一般不会住在这样的旅馆，但还是被其地点所诱。

speculator /ˈspek.jə.leɪ.tər/ 表示“投机商，投机者”，英文解释为“a person who buys goods, property, money, etc. in the hope of selling them at a profit”

The declines began around the time reports suggested that President Trump would nominate former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as chair of the central bank. Warsh historically has been more concerned with higher inflation than slower growth, soothing Wall Street fears that the Fed would succumb to Trump's push to lower interest rates. 

这波跌势始于有报道称美国总统特朗普将提名前美联储理事凯文·沃什(Kevin Warsh)接替杰罗姆·鲍威尔(Jerome Powell)担任该央行行长之际。沃什历来更担心高通胀，而非增长放缓，这缓解了华尔街对美联储会屈服于特朗普降低利率要求的担忧。

nominate /ˈnɒm.ɪ.neɪt/ 1）表示“提名；推荐”，英文解释为“to formally suggest that sb should be chosen for an important role, prize, position, etc.”举个🌰：He was nominated (as) best actor. 他获得了最佳男演员的提名。

2）表示“任命；指定”，英文解释为“to officially choose someone for a job or to do something”举个🌰：She was nominated as the delegation's official interpreter. 她被任命为代表团的正式翻译。

📍nomination /ˌnɒm.ɪˈneɪ.ʃən/ 表示“提名，推荐”，英文解释为“the act of officially suggesting someone or something for a job, position, or prize”，举个🌰：There have been two nominations for the new job. 这项新工作有两位提名人选。

📍nominee /ˌnɒmɪˈniː/ 表示“候选人；被提名人”，英文解释为“A nominee is someone who is nominated for a job, position, or award.”如：an Oscar nominee 获得奥斯卡提名的人。

succeed /səkˈsiːd/ 1）表示“接替，继任；继承”，英文解释为“to take an official job or position after someone else”举个🌰：He succeeded his father as editor of the paper. 他接替父亲成为了报纸的主编。

2）表示“成功；实现目标；达到目的”，英文解释为“If you succeed, you achieve something that you have been aiming for, and if a plan or piece of work succeeds, it has the results that you wanted.”举个🌰：She's been trying to pass her driving test for six years and she's finally succeeded. 六年来，她一直努力想通过驾照考试，终于得偿所愿。

inflation /ɪnˈfleɪ.ʃən/ 表示“通货膨胀”，英文解释为“a general, continuous increase in prices”如：high/low inflation 高/低通货膨胀。

📍这个词来自拉丁语“inflatio”，意味着“膨胀”。在经济学中，表示货币供应增加导致的商品和服务价格普遍上升。联想宫殿：在宫殿的一个房间，你看到一个图表显示价格上升，旁边是政府提高利率的决策，以控制“通货膨胀”。近义词：price rise（价格上升），同根词：inflate（膨胀），常用短语：combat inflation（抗击通货膨胀）

soothe /suːð/1）表示“抚慰，安慰，使平息”，英文解释为“to make someone feel calmer and less anxious, upset, or angry”举个🌰：She made a cup of tea to soothe her nerves. 她泡了杯茶让自己平静下来。

2）表示“减轻，缓和（疼痛）”，英文解释为“to make a pain become less severe, or slowly disappear”举个🌰：Massage can gently soothe away your aches and pains. 按摩可以慢慢地缓解疼痛。

succumb /səˈkʌm/ 1）表示“屈从，屈服；放弃抵抗；承认失败”，英文解释为“to lose the determination to oppose something; to accept defeat”举个🌰：I'm afraid I succumbed to temptation and had a piece of cake. 我还是没顶住诱惑，吃了一块蛋糕。

2）表示“病死；生病；受病痛折磨”，英文解释为“to die or suffer badly from an illness”举个🌰：Thousands of cows have succumbed to the disease in the past few months. 过去几个月里，几千头奶牛都得了这种病。

📍词根“-cumb”表示“躺下”，前缀“suc-”表示“下面”。

Investors worried about the future of the dollar in an era of higher inflation had piled into precious metals in recent months, powering what has become known on Wall Street as the debasement trade. 

近几个月来，担心高通胀时代美元未来的投资者纷纷涌入贵金属市场，推动了华尔街所谓的“货币贬值交易”。

debasement trade（货币贬值交易）投资者担心中央银行（如美联储）的货币政策（如大规模印钞、超低利率）会导致美元购买力长期、持续地下降（即美元内在价值被“稀释”或“贬损”）。为了对冲这种风险，他们将资金从美元资产转移到黄金、白银等“硬资产”，因为他们认为这些资产能更好地保值，不受货币贬值的影响。

After Trump confirmed Warsh's pick Friday morning, the dollar posted its strongest day in months. The speed of subsequent declines in precious-metals markets stretching from central banks to underground vaults to Wall Street trading desks caught investors off guard. 

在特朗普周五上午确认对沃什的提名后，美元创下数月来最强劲的单日表现。随后，从央行、地下金库到华尔街交易台的贵金属市场跌速之快令投资者措手不及。

subsequent /ˈsʌb.sɪ.kwənt/ 表示“随后的，接着的；后来的；之后的；接后的”，英文解释为“happening after something else”举个🌰：The book discusses his illness and subsequent resignation from politics. 书中讲述了他患病及随后隐退政坛的事。

stretch /stretʃ/ 作名词，1）表示“（连续的）一段时间”，英文解释为“a continuous period of time”举个🌰：The elderly generally need far less rest than the young, and tend to sleep in several short stretches. 年长者一般需要的休息时间比年轻人要少得多，而且往往会分成几个小段时间睡觉。

2）表示“（土地或水域的）一片，一段”，英文解释为“a continuous area of land or water”举个🌰：This particular stretch of coast is especially popular with hikers. 在这一段海岸散步的人特别多。

作动词，1）表示“到…的限度；超过…的限度；竭尽”，英文解释为“to go as far as or past the usual limit of something”举个🌰：Many families' budgets are already stretched to breaking point. 许多家庭的预算已经撑到了极限。

2）表示“伸出；伸长；拉伸”，英文解释为“to cause something to reach, often as far as possible, in a particular direction”举个🌰：She stretched out her hand and helped him from his chair. 她伸手将他从椅子上扶起来。

3）表示“展开，铺开；延伸”，英文解释为“to spread over a large area or distance”举个🌰：A huge cloud of dense smoke stretched across the horizon. 一大团浓烟在地平线上蔓延开来。

4）表示“延续”，英文解释为“to spread over a long period of time”举个🌰：The dispute stretches back over many years. 这场争论可追溯到许多年以前。

vault /vɒlt/ 表示“（尤指银行的）金库，保险库”，英文解释为“a room, especially in a bank, with thick walls and a strong door, used to store money or valuable things in safe conditions”如：a bank vault 银行金库。

Warsh “is coming with hawkish credentials,” said Dec Mullarkey, managing director of SLC Management. “That lowers the risk of debasement across the currency. You're returning to an orderly monetary approach.” 

SLC Management董事总经理德克·马拉基(Dec Mullarkey)说：“沃什带着偏紧缩的资历而来。这降低了货币贬值的风险。你们正在回归一种有序的货币做法。”

hawkish /ˈhɔː.kɪʃ/ 表示“（主张采取强硬政治路线的）鹰派的”，英文解释为“supporting the use of force in political relationships rather than discussion or other more peaceful solutions”举个🌰：The president is hawkish on foreign policy. 总统在外交政策上十分强硬。

对比：

📍dovish /ˈdʌv.ɪʃ/ 表示“鸽派的；温和派的”，英文解释为“supporting discussion or other peaceful solutions in political relationships rather than the use of force”举个🌰：He is a dovish politican. 他是一名鸽派政客。

Silver prices crashed 31%, their sharpest drop since March 1980, when the Hunt brothers' effort to corner the market unraveled. February futures, which ended Thursday at more than $114 a troy ounce, settled at $78.29. The size of that drop—$35.747—was about the price of an ounce as recently as June. 

银价暴跌31%，创下1980年3月以来最大跌幅，当时亨特兄弟(Hunt brothers)操纵市场的企图宣告失败。二月期货周四收于每盎司114美元以上，周五结算价为78.29美元。35.747美元的跌幅约相当于就在6月份时的盎司价格。

Front-month gold futures plunged 11% to $4,713.90 a troy ounce, their steepest one-day decline since January 1980. 

近月黄金期货合约暴跌11%，至每盎司4,713.90美元，创下1980年1月以来最大单日跌幅。

plunge /plʌndʒ/ 可以作动词，也可以作名词，1）表示“使突然前冲（或下落）”，英文解释为“to move or make sb/sth move suddenly forwards and/or downwards”举个🌰：She lost her balance and plunged 100 feet to her death.她没有站稳，从100英尺的高处跌下摔死了。

2）表示“骤降”，英文解释为“If an amount or rate plunges, it decreases quickly and suddenly.”举个🌰：His weight began to plunge.（动词）他的体重开始骤然下降。Japan's banks are in trouble because of bad loans and the stock market plunge.（名词）日本各家银行处于困境，缘于不良贷款以及股市的暴跌。

📍2020年4月瑞幸咖啡怎么了？文中就提到了CNN的标题China's Luckin Coffee plunges 75% on accounting probe用的是plunge一词，表示股价暴跌。

3）plunge (sb/sth) into sth表示“（使）陷入；（使）经历”，英文解释为“to suddenly experience a bad situation or unhappiness, or to make someone or something suddenly experience a bad situation or unhappiness”举个🌰：He was plunged into despair when his wife left him. 他妻子离开他时，他一下子陷入绝望之中。

📍类似的表达「暴跌」的词有：plummet，tank，sink，slump，...

📍slump表示“（价值等）暴跌”，英文解释为“If something such as the value of something slumps, it falls suddenly and by a large amount.”举个🌰：Net profits slumped by 25%. 净利润暴跌了25%。

📍plummet /ˈplʌmɪt/ 表示“（数量、比率、价格）暴跌”，英文解释为“If an amount, rate, or price plummets, it decreases quickly by a large amount.”举个🌰：Her spirits plummeted at the thought of meeting him again. 一想到又要见到他，她的心情便直往下沉。

📍tank，熟词僻义，作名词是坦克的意思，作动词有“表现得很糟糕，快速减少，衰落，下跌”的含义，英文解释为“If something such as a stock price or a movie tanks, it performs very badly, for example because it loses a lot of money.”举个🌰：Tech stocks have tanked. 科技股票暴跌了。

The moves hammered mining stocks, helping to weigh down the S&P 500 by 0.4%. The Dow Jones Industrial Average also slipped 0.4%, or 179 points, while the Nasdaq Composite fell 0.9%.

这些走势重创了矿业股，拖累标普500指数下跌0.4%。道琼斯指数也下跌0.4%，即179点，纳斯达克综合指数下跌0.9%。

hammer /ˈhæm.ər/ 表示“锤子，榔头”，英文解释为“a tool consisting of a piece of metal with a flat end that is fixed onto the end of a long, thin, usually wooden handle, used for hitting things”

📍hammer price 落锤价，成交价

作动词，1）表示“（用锤子）敲击”，英文解释为“to hit something with a hammer”举个🌰：Can you hold this nail in position while I hammer it into the door? 你能捏住这颗钉子，好让我把它钉进门里吗？

2）表示“用力敲打；猛踢”，英文解释为“to hit or kick something with a lot of force”举个🌰：I was woken up suddenly by the sound of someone hammering on/at the front door. 有人重重地捶前门，把我惊醒了。

3）表示“（在比赛或战斗中）彻底击败，击垮”，英文解释为“to defeat someone completely in a game or a fight”举个🌰：We were hammered in both games. 我们两场比赛都被击败了。

Some analysts believe Friday's pullback was a much-needed reset for gold and silver after a dizzying rally jacked up costs for industrial users such as solar-panel makers and auto-parts manufacturers. The price of both metals still finished January significantly higher.

一些分析师认为，在经历了一轮令人目眩的涨势之后，周五的回调对黄金和白银来说是一次亟需的重整，此前的涨势推高了太阳能电池板制造商和汽车零部件制造商等工业用户的成本。这两种金属1月份的价格最终仍远高于月初水平。

jack /dʒæk/ sth up 表示“（突然大幅地）提高（价格）”，英文解释为“to increase the price of something suddenly and by a large amount”举个🌰：Once the tourists arrive, the restaurants jack up their prices. 游客一到，餐馆就大幅提价。

On Friday, analysts suggested fast-money traders taking profits at month's end or banks shielding themselves from the impact of sudden declines could have also lent momentum to the selloff.

周五，分析师认为，快钱交易员在月底获利了结，或银行为防范价格突然下跌的影响而进行对冲，这些因素也可能助长了抛售势头。

shield /ʃiːld/ 作动词，1）表示“保护”，英文解释为“to protect someone or something”举个🌰：She held her hand above her eyes to shield them from the sun. 她把手搭在眼睛上方以遮挡太阳。

2）表示“（足球）护球”，英文解释为“in football, to keep your body between an opponent and the ball, with your back to the other player, to prevent them from getting the ball”举个🌰：We teach young players how to step in front of the defender and use their body to shield the ball. 我们教年轻队员如何插到对方防守队员前面并用身体护球。

作名词，shield /ʃiːld/ 表示“保护物，屏障；保护者”，英文解释为“something or someone used as protection or providing protection”举个🌰：Anger can function as a shield against (= a way of avoiding) even more painful emotions of loss and hurt. 愤怒可以起到避免更加痛苦的失落感和受伤害情绪的作用。

momentum /məˈmen.təm/ 表示“动量，冲量；冲力；推动力；势头”，英文解释为“the force that keeps an object moving or keeps an event developing after it has started”举个🌰：Once you push it, it keeps going under its own momentum. 一旦你推动了它，它就会在自己的动量作用下持续运动。

“The short answer is I have no idea. Nobody knows,” said Adrian Ash, director of research at BullionVault. “I've been in the market for 20 years. I've never seen anything quite like this market.”

BullionVault研究总监阿德里安·阿什(Adrian Ash)说：“简而言之，我不知道。没人知道。我入市20年了，从未见过这样的市场。”

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