Recently, I observed an interesting phenomenon - people around the world are engaging in "currency depreciation trading". The Swedish Krona and Swiss Franc, which are low-debt currencies, suddenly banded together, moving in sync with the trends of precious metals.

What’s even more heartbreaking is that the Bank of Japan is desperately raising interest rates to curb yen arbitrage trading, but the result? It still couldn’t stop it. The players in arbitrage trading are like cockroaches that won’t die; they will borrow if they need to and speculate if they want to. Ironically, the ones truly making money are in the precious metals market, with gold performing brilliantly and becoming the most stable winner in this wave of market activity.

The logic behind this is actually not hard to understand—in the context of abundant global liquidity and the differing policy directions of central banks around the world, funds naturally gravitate towards safe-haven assets and strong currencies. Currencies of low-debt countries and precious metals have all become the "safe havens" of the market. It seems that this grand play of currency devaluation is far from reaching its conclusion.