#XAUT Gold has reached a historic high, proving that the so-called "currency devaluation trade" has restarted. Since 2025, the international Spot gold return has reached 68%; influenced by many of the same factors, international Spot silver also reached a historic high on Monday, with an annual increase now approaching 140%. Robin Brooks pointed out that the breakout of gold and the broader precious metals was triggered by Fed Chairman Powell's dovish speech at the Jackson Hole meeting on August 22 and the 25 basis point rate cut on December 10. Commodity traders are also anticipating further rate cuts from the Fed. The US dollar appears relatively stable on the surface, unaffected by the "currency devaluation trade," but the fact is that its strength against the extremely weak yen masks its broad weakness against a currency basket.