The United States is pushing forward with an adjustment to the book value of its gold reserves. This seemingly obscure policy change could trigger a seismic shift in global asset allocation.

If the official book value of gold is raised from the current $42 per ounce, it could potentially unlock over one trillion dollars in capital based on estimates. This "invisible liquidity" has three direct consequences: increased market liquidity, rising attractiveness of risk assets; heightened investor anxiety about asset preservation, leading to a surge in demand for gold as a safe haven; and persistent high inflation expectations, with each 1% increase in inflation expectations typically pushing gold prices up by about 2%.

From this perspective, the U.S. official revaluation of gold is akin to a covert declaration of its monetary properties. Once this signal is released, it could trigger a rush among global institutional investors. Short-term, gold prices might surge to $4,400, with a long-term target in the $5,000 to $8,000 range.

But reality is more complex. The $750 billion release volume seems enormous but accounts for only 2.6% of U.S. Treasury bonds, a drop in the bucket. A deeper risk is that if the Federal Reserve or other major central banks sell off large amounts of gold to address liquidity pressures, gold prices could face a rapid correction. Meanwhile, the trend of de-dollarization worldwide is accelerating, and the dollar’s credit foundation is being eroded. Is this gold revaluation a counterattack on traditional assets, or a precursor to a credit crisis in the fiat currency system?

For crypto investors, this evolution warrants close attention. Disruptions in macro liquidity often transmit to risk assets like Bitcoin and Ethereum, making short-term volatility unavoidable.