Gold, silver, and BTC are all non-interest-bearing store-of-value assets that hedge against currency depreciation. They do not generate returns through interest; instead, their pricing depends entirely on dollar liquidity, which explains why they have been falling sharply in sync recently.

Although the U.S.-Iran conflict is escalating, and conventionally gold should rise as a safe haven, the market has moved in the opposite direction. The core reason is that the weight of interest rate hike expectations far outweighs geopolitical risk aversion.

With U.S. inflation data rising, the market is betting that the Fed will maintain high interest rates or even raise them further. Yields on U.S. Treasuries are increasing, making it significantly more costly to hold gold and BTC. The safe-haven premium has been directly suppressed, as the market is currently prioritizing monetary policy.

Funds are flowing out of gold, silver, and crypto assets, piling into semiconductor stocks in pursuit of returns. However, this rotation is unlikely to sustain. Under a high-interest-rate environment, tech stock valuations face pressure. Once interest rate expectations tighten further, the stock market will also see a synchronized pullback. This week's key economic data warrants caution regarding the risk of a full-market liquidity retreat. #