Gold has experienced an epic rally, and silver is following suit, but $BTC continues to decline steadily. This wave of gains seems to be supported by fundamentals, but in reality, it's all just a frenzy of speculative capital. The ending will likely be more brutal than previous cycles. The London gold leasing rate has soared, and short sellers can't borrow gold, pushing the short squeeze to the extreme. Exchanges will inevitably raise costs and limit positions, directly cutting off market liquidity. After the bulls' collective rally turns into a stampede and escapes, funds will eventually leave the precious metals market, either fleeing into fiat currency or positioning themselves in Bitcoin's value trough. Decentralization is the way to avoid being constrained by rules. #金价突破5200美元