Recently, the performance of precious metals and currency markets has been somewhat counterintuitive. Inflation data appears mild, and interest rates are within a reasonable range, yet gold and silver, these precious metals, are continuing to pump; some highly indebted countries' currencies nominally seem strong, but in comparison to precious metals and low-debt currencies, they are beginning to show signs of fatigue, while those previously highly fluctuating "niche" coins are now moving in sync with gold.

It's not just as simple as a rise in risk aversion sentiment. What is really happening? The pricing logic of global funds has shifted. The market is no longer trading based on short-term inflation and central bank interest rate policies, but is reassessing the sovereign credit, the stability of the monetary system, and the true value of physical assets over the coming decades.

To understand the deep linkage between precious metals and currencies in this round, it should be viewed from three dimensions: sovereign financial structure, currency credibility level, and non-debt physical assets. These three factors are not isolated; they constrain each other, progress layer by layer, and collectively determine the underlying logic of the current market.

Traditional analytical frameworks have a problem—they always view the country as a "short-term profit machine," focusing only on flow indicators like quarterly GDP growth and annual fiscal deficits. However, this approach fails to reveal the essence of the issues. From the perspective of long-term balance sheets, a country's true debt repayment capacity, the real purchasing power of its currency, and those tangible assets that do not depreciate are ultimately what determine the direction of the market.