In 2025, the global financial markets staged a spectacular drama of differentiation. Spot gold broke through the barrier of 4400 USD/ounce, and silver soared to a historic high of 69.44 USD/ounce, with annual increases of 67% and 138% respectively, indicating that the supercycle of precious metals is becoming increasingly fierce. In contrast, Bitcoin, known as "digital gold," fluctuated between 86000 and 89000 USD, retreating 30% from its peak at the beginning of October, while the entire crypto world was under dual pressure from capital diversion and low sentiment. What exactly happened behind this?

Why are precious metals so strong? On the surface, it's a safe-haven market, but in reality, it's a resonance of multiple factors. Gold is the "barometer of monetary credit." Against the backdrop of accelerating de-dollarization and the era where U.S. debt interest payments surpass one trillion, central banks worldwide are hoarding gold as the last pillar of credit. The physical purchases by Middle Eastern oil capital and Asian central banks have led to a severe scarcity of tradable chips, resulting in an unusual trend where "the more rates rise, the more gold prices increase"—the higher the risk, the stranger the gold prices. Silver, however, is different; it's both a precious metal and an industrial product, with demand from emerging industries like photovoltaics, AI data centers, and electric vehicles accounting for more than 60%. Coupled with five consecutive years of supply gaps and the amplification effect of small market funds, its increase directly exceeds that of gold. The Federal Reserve's two interest rate cuts this year and the depreciation of the dollar have only added fuel to the fire, with Goldman Sachs predicting that gold prices may hit $4900 per ounce next year.

However, the liquidity being siphoned off on the digital asset side is a hard injury.