The financial markets of 2025 are undergoing an asset restructuring that far exceeds most investors' expectations. Gold has surged nearly 70%, while Bitcoin has fallen by 5%—these figures say it all.

A few days ago, when I was checking the market, gold prices broke through the $4,400 mark, and I initially thought there was a problem with the trading system. Even more astonishing, the once-mocked "old relic" gold has now far outperformed "digital gold" Bitcoin. Even people around me who have never cared about investing have started asking about gold.

This is not just simple price fluctuation. What is behind it? Let's look at the data.

**How crazy is the rise of gold**

Gold prices once reached $4,482, hitting a new all-time high. Both the Shanghai Gold Exchange and the Chicago Mercantile Exchange quickly raised margin requirements and issued risk warnings. At such high levels, the cautious response from the exchanges says everything.

**What is the real driving force**

Don’t be fooled by the inflation story. On the surface, it’s inflation, but at the core, it’s the global central banks quietly adjusting their asset allocations. After the incident where Russia’s foreign exchange reserves were frozen, central banks around the world began rethinking how to allocate their foreign exchange reserves.

The most convincing data: the amount of gold purchased by central banks jumped from 467 tons per year before the Russia-Ukraine war to about 1,000 tons now. That’s almost double. Emerging market countries are especially active, and the proportion of gold reserves in developed countries has long exceeded 70%.

The logic behind this is clear—the shift of more foreign exchange reserves into gold is in preparation for a new monetary system.