Ma Guangyuan: The institutional reform of the Federal Reserve is the biggest black swan in global assets in the coming years According to a report by Golden Finance on June 26th, economist Ma Guangyuan stated that gold has retreated nearly 30% from its peak this year, and silver has even halved. The core root cause of the weakness in gold and silver is not the geopolitical situation, but the continued suppression of Federal Reserve Chairman Walsh's tough credit reshaping policy, normalization of high interest rates, and strong dollar siphon effect. In the long run, if Walsh successfully promotes the contraction of the balance sheet, the rigid implementation of inflation targets, and the reform of the Federal Reserve system, it will thoroughly repair the US dollar credit that has been loose and overdrawn for many years, consolidate the global hegemony of the US dollar from the bottom, and benefit the long-term monetary system and financial landscape of the United States. But for the global capital market, this means a complete restructuring of the pricing logic for all asset classes. The current US stock market seems to be still fluctuating and rising, but in fact, the market seriously underestimates the profound impact of Walsh's structural reform. The new era of the Federal Reserve opened by Walsh has no normalized easing, no market backstop, and no ambiguous games, completely rewriting the underlying pricing logic. This institutional change that goes beyond interest rate hikes and cuts is the biggest black swan for global assets in the coming years, and also the most core pricing mainline.