Gold and Bitcoin have recently reached record highs simultaneously, indicating that global investors are accelerating their shift away from major reserve currencies like the US dollar toward safe-haven alternatives represented by gold and cryptocurrency assets. According to analysis by Eurizon SLJ Capital, this trend stems from central banks' continued monetary expansion and government deficit growth, leading to declining market confidence in fiat currency credibility.

Spot gold broke through the $4,000 per ounce threshold for the first time this week, while Bitcoin also hit new all-time highs over the weekend. Eurizon strategists noted that the synchronized rise of these two asset classes is "clearly driven by common factors," namely the "rampant money printing" by reserve currency-issuing nations, pushing capital to seek new stores of value. The institution predicts that if central banks' gold holdings ratios match their dollar reserves, gold prices could theoretically climb to $8,500.

Global fiscal easing and surging debt are intensifying currency devaluation concerns. Eurizon stated that the dollar's short-term rebound is merely due to the euro and yen weakening from domestic political and fiscal risks, while the long-term outlook for the dollar remains downward.

The report noted that emerging market central banks have become more vigilant about the risk of reserve asset freezes since the Russia-Ukraine conflict, gradually reducing their dependence on the dollar and euro while increasing holdings of gold and other non-traditional assets. "Crypto investors embrace digital currencies due to distrust of centralized financial systems, while central banks seek safe new anchors in 'de-dollarization.'"

Matthew Piggott, Head of Gold and Silver at Metals Focus, stated: "The current macroeconomic and geopolitical environment is extremely favorable for gold's performance as a safe-haven asset, with concerns about other traditional safe-haven assets further amplifying gold's appeal. Unless major negative catalysts emerge, we expect gold prices to maintain upward momentum through 2026, with potential to challenge $5,000."

Additionally, Paul Cooper, Head of Global Commodities Research at Standard Chartered Bank, pointed out that the silver market continues to face tight supply-demand dynamics, with rising lease rates and COMEX inventories at historic highs, while strong festival season demand in India and substantial capital inflows through exchange-traded products (ETPs) provide support for silver prices.

Notably, palladium prices surged nearly 10% on Wednesday, marking the largest single-day gain since May 2023, rising for three consecutive days to $1,482.65 per ounce. Analysts suggest that as gold breaks through historic highs and silver soars, investors' pursuit of precious metals safe-haven assets is forming a new "flight-to-safety wave," while traditional reserve currencies are increasingly losing their appeal.