Global debt breaks 346 trillion new high: Under pressure of credit, gold becomes a safe haven for capital

Global debt has surged to a historical peak of 346 trillion US dollars, and this round of growth is not due to a substantial leap in productivity, but rather an excessive overextension of future value. The marginal effect of inflation control "strong medicine" continues to diminish, while debt expansion becomes increasingly severe—debt growth far exceeds GDP growth, and the interest rate decline channel is firmly locked. Systemic risk is accelerating accumulation.

In this context, gold has become the core beneficiary against the trend. The logic points to the essence: when the global credit system is under pressure, capital instinctively rushes towards assets with no counterparty risk. Countries may default, companies may go bankrupt, and sovereign currencies may depreciate, but the value of gold never depends on any credit commitment.

This also validates the continued accumulation behavior of central banks around the world—this move is by no means a bet on short-term gold price fluctuations, but rather to build a solid asset safety line in advance for the next round of global monetary system reconstruction and turbulence.