#谁将成为下一届美联储掌舵人？ Goldman Sachs once again significantly raises its gold target price, this time directly to $5,400. Within just three months, it has completed a second adjustment—rising from $4,300 to $4,900 in October, and now jumping again to $5,400. The frequency and magnitude of these adjustments reflect a clear shift in attitude among traditional financial giants regarding precious metals.

The logic supporting this bullish outlook is actually quite straightforward. First is the trend among global central banks. The pace of gold purchases by emerging market central banks has reached nearly five times the historical average, which Goldman Sachs calls a "structural shift," and this trend may continue for several years. Second is the expectation of a rate-cut cycle by the Federal Reserve, which directly supports gold prices—lower interest rates mean pressure on the dollar and declining real interest rates, increasing the attractiveness of interest-free assets like gold. The third factor is the reallocation of institutional funds, as Western ETFs are experiencing a new wave of capital inflows, with market buying pressure clearly strengthening.

What does this mean for the digital asset market? It’s actually quite interesting. The story of gold’s rise essentially also serves as an indirect endorsement of Bitcoin’s value proposition. Every time central banks accelerate de-dollarization, or debt monetization advances, or gold prices hit new highs, it helps cultivate market consensus around the concept of "non-sovereign, portable value storage." When global funds re-evaluate asset allocation due to gold breakthroughs, truly visionary institutional investors are also considering the same question: what will be the trusted value carrier of the next generation?

The gold cycle has already begun, and market attention is increasing. Against this macro backdrop, the story of digital assets is just beginning.