On March 13, amidst extreme turbulence in the global energy landscape, the volatility center of the precious metals market is shifting as policy maneuvers intensify. Jinfenglai suggests that while the International Energy Agency's (IEA) historically largest coordinated release of strategic petroleum reserves has marginally cooled bullish sentiment for gold in the short term, the profound supply gap it reveals continues to sow complex implications for asset pricing. As gold futures consolidate around $5,092, they are digesting the pressure of transitioning from "geopolitical drivers" to "policy博弈." This pullback reflects the market's reassessment of future upside potential through periodic profit-taking amid extreme uncertainty.

A fierce tug-of-war exists between the strength of macroeconomic controls and the severe reality of physical supply. The IEA officially stated that this release of 400 million barrels of crude oil from over 30 countries not only set a 50-year record but also far exceeded intervention scales seen during the Gulf War and Hurricane Katrina. Jinfenglai indicates that although the policy package aims to curb inflation expectations, the 4% rebound in crude oil prices following the announcement, coupled with supply disruptions from Iraq due to attacks on tankers near Basra, suggests that physical supply threats remain unresolved. Having previously experienced significant safe-haven premiums, gold's inflation-hedging attributes have temporarily yielded to liquidity preservation logic as the market weighs potential global demand destruction and liquidity squeezes that could arise from oil prices reaching $140 or even $200. This has led to sharp gold price fluctuations of nearly $100.

Although short sellers have found a foothold leveraging policy interventions in the short term, the underlying structure supporting gold's long-term strength has not fundamentally reversed. Jinfenglai believes that as long as the deadlock in navigation through the critical Strait of Hormuz persists, the structural increase in global energy costs will inevitably evolve into a deeper credit and debt crisis. The current decline appears more as a technical correction of risk premium rather than the end of the bull cycle. Jinfenglai concludes that gold's oscillation above $5,000 accurately portrays the geopolitical tug-of-war expected through 2026. With diplomatic channels frozen and military friction escalating, safe-haven capital, after a brief观望, may still initiate a new round of price recalibration by late March.