Let's talk about a few recent observations during the precious metals adjustment:

1. People used to think cryptocurrencies were decentralized, so they hoarded coins during monetary over-issuance. Later, they found most coins were in the hands of the West, turning crypto into dollar-denominated assets. Hence, some now pursue more decentralized gold.

2. Why didn't gold surge during the 2020 aggressive QE but started rallying continuously after 2022? This is because the Russia-Ukraine war altered the timeline—freezing Russia's assets undermined the dollar's foundation. Previously, forex reserves were in dollars and US bonds; now, gold is the real money, as dollars can be frozen. Central banks won't sit idle, especially the East, which will inevitably face sanctions over the island issue.

3. One intriguing line from Powell's speech: "Hope the next chair stays away from politics." This openly acknowledges the Fed's compromised independence. Trump's "dollar yo-yo" theory is even more absurd—after constantly accusing others of currency manipulation, the boomerang has come back.

Short-term fluctuations, long-term logic. Exchanges can pull the plug, but they can't change the logic.