Some time ago, I bought some precious metals in Singapore for investment and collection, through a well-known precious metals custody platform. Recently, they sent an email saying that withdrawals have been temporarily suspended due to overwhelming demand, and the queue is too long to handle😂

This platform has a unique feature: users do not withdraw immediately after purchase but instead keep their assets there for long-term custody. Over the past two weeks, the surge in withdrawal requests has indeed been quite outrageous, which I suspect is influenced by rumors in the international precious metals market.

From a macro perspective, this reflects an interesting phenomenon: when the market experiences liquidity concerns, retail investors' panic can quickly spread to physical assets. As a traditional safe-haven tool, precious metals are prone to run-on effects once withdrawal difficulties are signaled. This is quite similar to liquidity risks in crypto assets — both test the platform's risk control and the sufficiency of physical assets or reserves during critical moments. It is worth paying attention to whether this panic will spread to other asset classes.