Global financial markets are most afraid not of sudden events, but of 'policy uncertainty.' Over the years, we have witnessed the profound impact of tariff policies on capital flows—when major powers' trade frictions escalate, the logic of capital allocation changes completely.

Looking back at this cycle, US stocks and precious metals have been oscillating at high levels amid policy ambiguity. The core challenge for market participants is: how to survive amidst uncertainty? Diversification has become an inevitable choice, especially for hard currencies like precious metals and commodities, which are gradually being repositioned as ballast assets in portfolios.

The key turning point occurred after trade policies were truly implemented. The high-level oscillation of global stock markets and the upward expectations for commodities—these market signals are sufficiently clear. But what’s truly interesting is the underlying logic: the US industrial structure itself relies far more on the global supply chain than imagined, and the real costs of decoupling will fall on multiple segments of the industrial chain. This determines that trade frictions will not be a simple zero-sum game.

Because of this contradiction, the next direction for institutional funds becomes predictable: the competition for mineral resources will intensify. This is not baseless speculation but a necessary outcome of supply chain restructuring—whoever controls the scarce raw materials will hold the future discourse power. From the actual allocation trends of US institutions, this logic has already manifested in the market.

Cryptocurrency markets are always highly sensitive to such macro policy signals. In an era where global liquidity faces restructuring and major powers’ policies are in strategic play, investors need to reassess their allocation strategies—not chasing hot trends, but following the deeper capital logic.