Recently, the gold market has been exceptionally hot, soaring to a new all-time high. There are several driving forces behind this: the expectation that the Federal Reserve may continue to cut interest rates, sustained buying of gold by central banks around the world providing support, coupled with current geopolitical tensions and ongoing fiscal risks, which have significantly boosted investors' risk aversion.

If this upward trend continues, gold is expected to deliver its best annual performance since 1979. As an on-chain gold asset, PAXG naturally has become a market focus. How far this precious metals cycle driven by macro factors will go remains uncertain for now, but at least the current fundamentals are indeed telling a story.