A recent interesting phenomenon has emerged in the global capital markets—precious metals have experienced astonishing gains. Gold has risen approximately 70% since the beginning of the year, while silver has surged by 170%, prompting a deeper reflection on the driving forces behind these trends.

In fact, this rally is closely related to changes in the U.S. policy environment. Currently, the U.S. national debt has surpassed $38.5 trillion, and calls for interest rate cuts are intensifying at the policy level. In this context, it is not surprising that traditional safe-haven assets are performing remarkably well.

What is even more noteworthy is the underlying issues reflected by this phenomenon:

**Dollar Credit Facing Challenges**—Investors' confidence in a single currency system is weakening, and the surge in gold and silver buying is a direct manifestation of this uncertainty.

**Shift in Global Capital Allocation**—Funds are moving away from traditional U.S. assets toward diversification, including precious metals, digital assets, and more.

**Opportunities in Decentralized Assets**—When the traditional financial system undergoes structural changes, the hedging and allocation value of cryptocurrencies may be reevaluated.

In the long term, the era dominated by a single currency may be subtly shifting. This transition won't happen overnight, but the underlying asset reallocation logic embedded within it is certainly worth considering for investors participating in the crypto market.