The gold market just called out a bull run, but the next day it completely reversed. New York COMEX gold futures plummeted by $268 in a single day, equivalent to nearly 1,900 RMB. Many people haven't even reacted to what happened to their accounts, and the bloodbath is already underway.

The true trigger of this crisis is rumored to be a major American bank hitting a landmine. This bank heavily shorted silver in the market, which surprisingly surged nearly 150% this year, directly hitting its face. As a result, it was notified to add $2.3 billion in margin, but its wallet was already empty.

Regulators detected the risk, and the Federal Reserve immediately stepped in with a "blood transfusion" of $34 billion. This is the second rescue within half a month, indicating that this bank is quite large and belongs to the "too big to fail" category. However, this repeated "transfusion" also sends a signal to the market—that systemic risk is accumulating.

Panic quickly spread. Gold, silver, and mining stocks all tumbled, and the market began to reprice. Interestingly, the price gap between "paper silver" and physical silver widened, which is rare in decades. COMEX silver futures are quoted at about $75 per ounce, but physical silver in Shanghai is selling at $85, and in Dubai, it even surged to $91.

What does this phenomenon indicate? Reserves of gold and silver stored in European and American warehouses are being heavily bought and shipped to Asia. The more severe the price inversion, the greater the arbitrage space, and the more obvious the flow of gold and silver. In the long run, this subtly hints at a shift—the pricing power of gold and silver may be quietly moving from the West to the East.

A banking crisis has evolved into a liquidity shock, ultimately impacting the world's most fundamental commodity markets. Against the backdrop of rising cryptocurrencies and central bank digital currencies, this turbulence in traditional finance is also reshaping market perceptions of money and asset storage methods. What do you think about this wave of operations? Does it signal the beginning of a loosening of dollar hegemony?