#美联储回购协议计划 Gold has reached a new all-time high again - this time it has really broken the record.

On December 22nd, the precious metals market went completely crazy.

COMEX gold futures surged 2.13% in one day, with gold prices directly breaking through the historical high of $4480.60 per ounce. Domestically, things were not idle either, the Huaxia Gold ETF (518850) rose by 2.08%, and the gold stock ETF (159562) even skyrocketed by 3.78%. As sectors rotate, funds are pouring into precious metals.

What exactly ignited this fire?

The Federal Reserve is sending signals again. Governor Mester bluntly stated that if interest rates are not continued to be cut next year, the risk of a recession in the U.S. economy must be taken seriously. He also mentioned that the rise in unemployment rates has exceeded expectations, which provides sufficient reason for monetary policy easing. Does this sound familiar? Every time the Federal Reserve hints at potential easing, gold prices dance accordingly.

From a professional perspective, there are actually two lines of logic for the strong gold price:

On one side are the policy divergences within the Federal Reserve. Hawks and doves each have their own views, but the market is uniformly betting on long-term easing—this expectation gap itself has become the core driving force behind the rise in gold. On the other side is geopolitical uncertainty. The situation in the Middle East may escalate, and European geopolitics is still changing, with these risk events continuously injecting a safe-haven premium into the market. The result is that the allocation value of precious metals is rising.

What about the cryptocurrency market?

From a macro perspective, it is indeed positive. The loosening cycle and risk aversion demand will theoretically drive up the valuation of crypto assets, especially those that are institutionalized and compliant. However, in the short term, attention should be paid to a phenomenon: with gold being so strong, it can easily draw away the attention of funds, and the market volatility may rise as a result. This is a risk point.

The medium to long-term allocation strategy is as follows: the core remains $BTC and $ETH, complemented by some compliant ETF varieties. The key is to manage leverage carefully and avoid blindly increasing positions based on trends. At the same time, one must keep an eye on every policy signal from the Federal Reserve and the latest developments in geopolitical events—these two factors are currently the largest variables influencing the overall market rhythm.