diff --git a/src/components/PairReviewModal.jsx b/src/components/PairReviewModal.jsx
index 778979b..89e90e4 100644
--- a/src/components/PairReviewModal.jsx
+++ b/src/components/PairReviewModal.jsx
@@ -1,6 +1,7 @@
 import { useState } from 'react';
 import { apiPost, apiPatch } from '../lib/api';
 import { buildRows } from '../lib/pairRows';
+import PlaceholderText from './PlaceholderText';
 
 const LANGS = [
   { code: 'de', flag: '🇩🇪' },
@@ -130,7 +131,7 @@ function Row({ row }) {
         const val = row.cell(l.code);
         return (
           <div key={l.code} className={`text-sm rounded-lg border px-2.5 py-1.5 ${val ? `bg-slate-50 border-slate-200 ${row.color}` : 'bg-red-50 border-red-200 text-red-400 italic'}`}>
-            {val || 'fehlt'}
+            {val ? <PlaceholderText text={val} /> : 'fehlt'}
           </div>
         );
       })}
diff --git a/src/components/PlaceholderText.jsx b/src/components/PlaceholderText.jsx
new file mode 100644
index 0000000..64c0390
--- /dev/null
+++ b/src/components/PlaceholderText.jsx
@@ -0,0 +1,29 @@
+import { parsePlaceholderSegments } from '../lib/pairRows';
+
+// Rendert Satztext mit farbig markierten Placeholdern:
+//  {{label.o:id}} → indigo (Objekt-Verknüpfung, passend zu den 🔗-Buttons)
+//  {{label.w:id}} → emerald (Wort-Verknüpfung)
+//  ⟦PHn:label⟧    → rot (geleaktes Übersetzungs-Token, Datenfehler)
+const KIND_STYLES = {
+  object: { className: 'bg-indigo-100 text-indigo-800 rounded px-0.5', title: 'Objekt-Placeholder' },
+  word:   { className: 'bg-emerald-100 text-emerald-800 rounded px-0.5', title: 'Wort-Placeholder' },
+  broken: { className: 'bg-red-100 text-red-700 rounded px-0.5 line-through', title: 'Kaputtes Übersetzungs-Token — bitte reparieren' },
+};
+
+export default function PlaceholderText({ text }) {
+  const segs = parsePlaceholderSegments(text);
+  return (
+    <>
+      {segs.map((s, i) => {
+        const style = s.kind && KIND_STYLES[s.kind];
+        if (!style) return <span key={i}>{s.text}</span>;
+        return (
+          <mark key={i} className={style.className}
+            title={`${style.title}${s.id ? ` · ${s.id.slice(0, 8)}…` : ''}`}>
+            {s.text}
+          </mark>
+        );
+      })}
+    </>
+  );
+}
diff --git a/src/lib/pairRows.js b/src/lib/pairRows.js
index afba87d..0c1eb27 100644
--- a/src/lib/pairRows.js
+++ b/src/lib/pairRows.js
@@ -10,6 +10,26 @@ export function strip(text) {
   });
 }
 
+// Zerlegt einen Satz in Segmente für die farbige Placeholder-Anzeige:
+//  { text, kind: 'object' | 'word' | 'broken' | null, id? }
+// 'broken' = geleakte ⟦PHn:label⟧-Tokens aus der Übersetzung (sollten nicht vorkommen).
+const SEGMENT_RE = /\{\{([^.{}]+)\.(w|o):([0-9a-f-]{36})\}\}|⟦PH\d+:([^⟧]*)⟧/g;
+
+export function parsePlaceholderSegments(text) {
+  if (!text) return [];
+  const str = String(text);
+  const segs = [];
+  let last = 0;
+  for (const m of str.matchAll(SEGMENT_RE)) {
+    if (m.index > last) segs.push({ text: str.slice(last, m.index), kind: null });
+    if (m[1] !== undefined) segs.push({ text: m[1], kind: m[2] === 'o' ? 'object' : 'word', id: m[3] });
+    else segs.push({ text: m[4], kind: 'broken' });
+    last = m.index + m[0].length;
+  }
+  if (last < str.length) segs.push({ text: str.slice(last), kind: null });
+  return segs;
+}
+
 // Baut die Anzeigezeilen je nach answer_type. Jede Zeile ist entweder
 //  - { kind: 'lang', label, color, cell(l) }  → eine Zelle pro Sprache (übersetzbar)
 //  - { kind: 'single', label, color, value }   → ein einzelner Wert (nicht sprachabhängig)
@@ -19,13 +39,14 @@ export function buildRows(content) {
   const rows = [];
   const wordsCell = (stmt) => (l) =>
     (stmt?.words || []).map(w => w[`titel_${l}`] || '—').join(', ');
+  // Roher Text inkl. {{…}}-Placeholder — die Anzeige läuft über <PlaceholderText>.
   const sentenceCell = (stmt, prefix) => (l) =>
-    strip(stmt?.sentence?.[`${prefix}_${l}`] || '');
+    stmt?.sentence?.[`${prefix}_${l}`] || '';
 
   // Frage (yes_no / question / word)
   if (content.question) {
     rows.push({ kind: 'lang', label: 'Frage', color: 'text-slate-700',
-      cell: l => strip(content.question[`sentence_${l}`] || '') });
+      cell: l => content.question[`sentence_${l}`] || '' });
   }
 
   if (type === 'yes_no') {
diff --git a/src/pages/Publish.jsx b/src/pages/Publish.jsx
index 215c29d..4442aed 100644
--- a/src/pages/Publish.jsx
+++ b/src/pages/Publish.jsx
@@ -2,6 +2,7 @@ import { useEffect, useState, useRef, useCallback } from 'react';
 import Layout from '../components/Layout';
 import { apiFetch, apiPost } from '../lib/api';
 import { buildRows } from '../lib/pairRows';
+import PlaceholderText from '../components/PlaceholderText';
 
 const LANGS = [
   { code: 'de', flag: '🇩🇪' },
@@ -124,7 +125,7 @@ function PairRow({ pair, flagged, onToggleFlag, objIndexById, onAssign, assignin
                 const isQuestion = row.label === 'Frage';
                 return (
                   <div key={row.label} className={`${row.color} ${isQuestion ? 'italic' : ''} break-words`}>
-                    {val || <span className="text-red-400 italic not-italic">— {row.label} fehlt —</span>}
+                    {val ? <PlaceholderText text={val} /> : <span className="text-red-400 italic not-italic">— {row.label} fehlt —</span>}
                   </div>
                 );
               })}