#黄金 , there has been a structural shift this week.

It's not about price fluctuations,
but a change in the dominant capital. 🧵👇
There are three signals, very critical.
1️⃣ Marginal buying in gold is taking over pricing power
Currently entering the Marginal Capital Dominance phase.
To put it simply:
👉 New capital is starting to determine the direction of prices.
The last time this structure appeared was from August to November 2025.
During that period,
Gold contributed about 30% to the return curve.
This is not sentiment,
but a shift in capital hierarchy.
2️⃣ The easing cycle is compressing the relative value of US stocks
After the Federal Funds Rate enters a downtrend cycle,
a similar result has almost always occurred in history:
👉 US stocks depreciate against gold
(SPX / GOLD Ratio declines)
And now this ratio
has already approached the historical critical line.
From a mean reversion perspective:
📈 There is indeed a short-term rebound possibility for US stocks
📉 But that is more like a technical correction within a structural decline
3️⃣ The real danger is that 1.40 line
If SPX / GOLD
continues to weaken and falls below 1.40:
⚠️ This is an event that has only happened twice in the past 53 years.

The first time: Oil crisis of 1973

The second time: Subprime mortgage crisis of 2008

In both cases,
US stocks experienced systemic crash-level declines.
📌 So, what does breaking the critical line mean?
It’s not a “market shift,”
but a change of era:

Market dominance
👉 Shifting from financial assets → to precious metals + commodities

Asset pricing logic
👉 Shifting from growth → to credit and inflation hedging

Macroeconomic probability
👉 The risk of recession is beginning to rise significantly

📌 In one sentence:
Gold is not currently “bullish,”
but testing the load-bearing limit of the old order.
Once that line is broken,
2026,
it is very likely to officially enter
a new market phase centered on physical assets.
That will not be a
“gradual adjustment” process.