A conspiracy theory about gold. Why did gold plummet? Actually, it's because when gold exceeded $5300, its total market value surpassed the entire US debt holdings, triggering a systemic sell-off. People are pondering one question: will gold become so large that it is 'not allowed' to continue absorbing global safe-haven funds? Under the current system: gold ≈ non-sovereign, non-credit, zero-yield assets; US debt ≈ the world's largest and most core risk-free asset. Once the structural market value of gold surpasses that of US debt, it is no longer a market issue but a financial order problem. The role of US debt is to provide the largest, interest-bearing, collateralizable, tradable asset pool for global funds, absorbing global savings and maintaining the dollar cycle. If gold becomes more 'valuable' than US debt, it means the global safe-haven funds have completely abandoned the credit system, and the dollar anchor is hollowed out. In non-extreme financial collapses, this is a state that the system does not allow to happen. Therefore, once gold's market value approaches that of US debt, US debt will definitely 'expand' to reassert dominance over gold. What does it mean if gold prices continue to rise sharply after 5300? It indicates that the market no longer trusts US debt, the dollar, or any sovereign credit. This is not a 'Gold Bull Market 2.0' but a 'Global Financial Order Reset.' In this scenario: stocks have already collapsed, bond markets are disordered, capital controls and financial freezes will occur first, and you may not be able to 'sell gold smoothly.' So in a 'normal scenario,' the market is more likely to trade repeatedly around 5300 rather than infinitely pushing higher. Gold can rise, but not to the extent of replacing US debt as the world's top safe asset; once gold's price rises to threaten the dollar system in terms of 'size,' it is no longer a holding signal but a liquidation signal.