“Is the Dollar Dead, and Gold Ascendant?” Understanding the Recent U.S. Dollar Decline and Gold’s Explosive Rally I. Overview — A Shock in the Global Market In the second half of 2025, global financial markets have witnessed a dramatic dual move: The U.S. dollar weakened sharply , with the DXY index falling across multiple sessions; Gold prices soared past $4,000/oz , a historic all-time high; Central banks and institutional investors poured into bullion and ETFs at record pace; The market increasingly priced in Fed rate cuts , suppressing nominal yields and boosting demand for non-yielding assets like gold. These two phenomena — a weaker dollar and surging gold — are not random. They are 
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Death of Dollars and Gold Price Surging
“Is the Dollar Dead, and Gold Ascendant?” Understanding the Recent U.S. Dollar Decline and Gold’s Explosive Rally I.
Topics
- Dollar
- Gold
Further reading
- QUANT RESEARCH美元已死？黄金当立？——解析近期与黄金暴涨的逻辑、风险与策略一、背景与现象：美元下跌与黄金暴涨 1.1 近期市场现象概览 在 2025 年后半段，全球市场出现两个明显趋势：美元持续承压走弱与黄金价格破纪录飙升。 黄金突破 4,000 美元／盎司，年内涨幅超过 50% 以上。 美元指数（DXY）在多个交易日表现疲软，对一篮子主要货币显著贬值。
- MACRO RESEARCHGold Down 29% From Its Peak. Warsh Just Made It Worse — Here's Where the Floor IsThree separate shocks hit gold between January and June 2026. The $5,602 ATH is now $3,982 away. Two shocks are already in the price. The third one — Iran — is unwinding. Here's wh
- MACRO RESEARCH黄金单日大暴跌到底发生了什么？深度剖析交易底层逻辑金价昨日发生巨幅下跌，高盛交易员称之为“幕后操纵”，整个市场都出现了仓位动荡，而多头动量指标也面临真正的压力，高盛动量指标对在动量多头下跌 3% 和动量空头上涨 2% 的双重打击下暴跌 5%。
- FED RESEARCHJapan’s insurers and GPIF are buying JGBs again, not selling — so why is the yen still near 40-year lows despite two BOJ hikes?Reasons why Gold price kept plummeting even geo risks escalating.
- MACRO RESEARCHU.S. Debt Is Hitting Its Limits. Gold Isn’t. Here’s Why.now here's why gold reset might be the last option for US GOV
- MACRO RESEARCH铜价 11,000 美元只是开始？——全球供需失衡下的红金风暴铜价的结构性紧缩与全球供需再平衡 —— 基于2025年全球铜市场的系统性分析 摘要 本文基于2024年至2025年最新公开数据，对国际铜市场的价格走势、供需结构、产业链瓶颈及未来演化路径进行系统性分析。研究发现，铜价已进入由“事件驱动的结构性多头”所主导的新阶段。