#美国政府停运 The golden bull run has never surged up all at once; there are three checkpoints waiting behind:

Let’s talk about the first level—pure panic and risk aversion. The market is in trouble, and there’s nowhere to hide money; gold becomes the lifeline. Looking back at the wave of the U.S. real estate crash from 2006 to 2007, the price of gold surged by 60% in just two years.

Next is the second phase: the side effects of central banks printing money begin to take effect. The government flooded the market with liquidity, and everyone started to panic about whether the currency would devalue. When Lehman Brothers collapsed in 2008, the gold price broke through the $1,000 mark, and the logic of risk aversion escalated.

The most ruthless part is the third level—fiat currency credit is completely questioned. With inflation out of control and debts piling up, it is only then that gold truly takes off. From 2008 to 2011, it surged from $700 all the way to $1900, nearly tripling in value.

What is the current situation? It is highly likely to be stuck between the first and second hurdles. Central banks around the world are madly hoarding gold, geopolitical situations are unstable, and debt levels are hitting new highs, yet loose monetary policies have not been fully implemented. The safe-haven attributes of assets like $ZEC and $COAI are, to some extent, also replicating this logic.