On the morning of October 7, 2025, the New York gold futures market maker contract experienced a rare surge, reaching a peak of $4,000 per ounce, setting a new historical high; an increase of over 50% within the year. This breakout in gold was not ignited by geopolitical conflicts or inflation expectations, but rather occurred against the backdrop of the Federal Reserve restarting interest rate cuts and the significant weakening of the dollar index. This included continuous increases in gold reserves by various Central Banks and active allocation of gold assets by the private sector, all driving gold to develop an independent trend. The capital market, in the name of gold, cast a "silent referendum" against the credit of the dollar. This historic moment coincided with the U.S. government once again falling into a "technical shutdown" due to budget deadlock, and the global economic outlook wavering. Market risk preferences and instinct for hedging intertwined and echoed. After the Federal Reserve's interest rate cuts, the dollar index weakened, with nearly a 10% drop within the year, while the RMB exchange rate remained stable and improved, #BTC再创新高 $BTC bsv.