Gold $XAU Silver $XAG
short-term decline, likely not yet at the top, silver I publicly went long at around 78 on Binance Square, aiming for 90, reached the first target of 90 yesterday, I closed 50% of my position.
Currently, judging from market reactions, non-US dollar assets are surging, not just precious metals, but even cryptocurrencies in recent days are no longer following the Nasdaq, indicating a sharp shift in market sentiment.
Earlier, I saw a data point: the proportion of gold in M2 was already 12% when gold reached 4200 per ounce, now it's even higher, reaching an extreme level since the establishment of the Bretton Woods system. This indicates that today's market no longer trusts US dollar assets and is gradually moving back toward a gold standard. Therefore, this recent surge in precious metals is actually a form of value reversion.
A centipede may die, but it still has legs. The weakening of the US dollar's credibility has just begun, and non-US dollar assets still have room to rise. This will continue until a new system is established, possibly the emergence of a new international currency, or a return of US dollar credibility, but neither will happen in the short term.
The gold and silver market trend is likely far from over.