Let's talk about the upward logic of gold$XAU and silver$XAG .

The main reason for the rise in gold is the continuous expansion of global central bank debt. In just the first 7 days of 2026, global central banks issued over 200 billion US dollars in debt.
Currently, the US debt ceiling has been raised to $41 trillion, and the US national debt is $38 trillion, leaving significant room for expansion.
However, according to US Treasury Secretary Janet Yellen, the upcoming issuance may mainly be long-term bonds. If the US adjusts its debt issuance structure, the pace of debt expansion will slow down. Of course, this might have to wait until the Federal Reserve lowers interest rates, which would attract more inflow into long-term bonds.
Therefore, after the US Treasury adjusts its debt issuance structure, even if gold and silver continue to rise, it shouldn't be as crazy as it is now. Recently, the speed of gold's rise has slowed down, but silver remains very volatile.
Secondly, the reason why gold and silver are currently favored by the market is that funds are not flowing into the real economy. The scale of government bonds keeps expanding, and government spending continues to increase. However, due to the sluggish real economy, these excess liquidity funds cannot be lent out and can only circulate within the financial system. Gold and silver are excellent targets for this.
During the US interest rate hike cycle, these funds actually flowed into US reverse repurchase agreements. As interest rates kept rising, the returns from reverse repos became more stable and lucrative. At its peak, the reverse repo scale reached $2 trillion.
Since the end of the US rate hike cycle, funds have been continuously flowing out of the US reverse repo market and into precious metals and US stock markets. #Gate广场创作者新春激励