Recently, gold has continuously hit new historical highs, which inevitably raises questions: what forces are driving the rise of gold prices? I think the biggest possibility is that the US dollar is about to enter a cycle of interest rate cuts, weak dollar, YCC, and QE. Especially if the United States really follows a path similar to Japan and tries to implement the YCC model, the pricing logic of gold will be completely rewritten. In fact, the clues have already been buried: At the beginning of this year, Japan gradually withdrew from YCC, while the United States was widely speculated by the market to enter an unprecedented stage of unconventional fiscal and monetary debt after the "Mar-a-Lago Plan" flowed out. The scale of US Treasury bonds is becoming increasingly large, while natural buying is decreasing. Once a critical point is reached, the market may experience violent fluctuations similar to "centripetal collapse". No one can predict exactly when this day will happen. Gold gave a leading signal with ATH, but what about Bitcoin? Since the beginning of this year, the United States has accelerated the improvement of its legal framework in the field of encryption, especially with the basic formation of a regulatory toolbox centered around stablecoins. This means that in the future, once bond yields enter a downward channel, fund managers are likely to include core cryptocurrency assets such as Bitcoin and Ethereum in their "safe haven basket", just like allocating gold. During this process, the legitimacy and convenience of institutional allocation are significantly improving, and the speculative frenzy in the market may also return as a result. More notably, Hartnett, Chief Investment Strategist of Bank of America, proposed that the 'Nixon model may repeat itself'. The logic behind it is clear: political pressure will force the United States to move towards a more relaxed policy combination in the coming years - interest rate cuts QE， Perhaps even explore YCC. In the short term, this will drive up gold and cryptocurrency assets, ignite market sentiment, and bring about a "risk asset frenzy" similar to that of 2020-21. But the risk is that if there is a second inflation, policies may be forced to take a sharp turn downwards, and ultimately there may be a deep asset price correction like in 1973-74.