This week has been quite eventful on the macro front.

First, let's talk about the Federal Reserve. Powell is scheduled to attend the Supreme Court hearing on Lisa Cook's case today. The case concerns whether the Federal Reserve can operate independently — it may sound trivial, but its implications are profound. Even more explosive is that Trump has narrowed down his candidates to succeed Powell from a pool of contenders to four. Treasury Secretary Yellen hinted that the shortlist could be announced as soon as next week, with names like Kevin Hassett and Kevin Warsh among the frontrunners. UBS also issued a report warning that if the court rules against the Fed, the White House might have an excuse to bypass legal procedures and directly dismiss Federal Reserve officials. If that happens, the stability of the dollar could be called into question.

On the precious metals front, things are even crazier. As soon as Trump announced plans to impose tariffs, risk-off sentiment exploded, pushing gold and silver prices to record highs. Gold surged over 2%, breaking through $4,766 per ounce; silver rose more than 1%, reaching a high of $95.9 per ounce. Even Ray Dalio from Bridgewater Associates couldn't sit still, publicly warning of the risks of a "capital war," and emphasizing that gold is an essential hedge.

Looking at the bigger picture, the cloud of a trade war combined with the ongoing weakening of the dollar makes precious metals even more attractive as ultimate safe-haven assets. While the short-term upward momentum remains, caution is advised — if the global economy begins to slow down, demand for precious metals could cool off. This logic applies broadly across the safe-haven asset ecosystem, including digital assets.