This round of gold rally looks fierce, but the driving force is definitely not emotional speculation. The real catalyst is the market beginning to recognize the "systemic risk premium."

From a technical perspective, gold prices have effectively broken through the previous resistance zone, completing an upward trend structure. To be honest, as early as summer 2023 when gold approached $2000, momentum signals had already appeared—it's just that everyone was pretending not to see them.

But now it's different. The key turning point is that macro-level "non-economic variables" are starting to surface. Especially after the U.S. Department of Justice served a grand jury subpoena to Federal Reserve Chair Jerome Powell, the market's expectations framework has been reorganized.

The most painful question also emerges: does the long-assumed "complete institutional independence" of the Federal Reserve still hold?

Once this assumption is shattered, a chain reaction will spread to the entire logic of financial asset pricing. Gold has shifted from a safe-haven asset to a direct bet on institutional credibility.