Looking at the market conditions in early 2026 is like reading a map of capital migration. U.S. stocks fluctuate repeatedly at high levels, while Japanese stocks hit new highs; meanwhile, silver and copper prices surge ahead like a breaking wave, but crude oil shows little sign of improvement. On the surface, it seems chaotic, but behind the scenes, there is a clear logic—global capital is shifting from "virtual" to "real" assets, moving away from solely betting on the dollar toward diversified asset allocation.

This shift didn't happen out of nowhere. Changes in U.S. trade policies have disrupted global supply chains, the dollar credit system has begun to show cracks, and the frantic demand for rare metals driven by green energy transformation and AI booms has added triple pressure. Together, these forces have altered the direction of capital allocation.

The most convincing data: the dollar index fell nearly 8% last year, the worst since 2003. The dollar's share in global foreign exchange reserves dropped to 56.3%, a 30-year low. In contrast, last year, global central banks net bought 634 tons of gold. At the start of this year, silver prices directly broke previous highs, and London copper briefly reached a historic high of $13,387 per ton. Behind these numbers, capital is expressing its demand for hedging against dollar risk through concrete actions.

The restructuring of supply chains is also intensifying this trend. Changes in U.S. policies are forcing countries to replan industrial layouts, leading to regional supply tensions. Copper, as a strategic bulk commodity, is affected most directly—it's expected that global copper mine output will face a significant shortfall of up to 3.13 million tons in the coming years. But the problem is, the shortfall distribution is highly uneven—while Europe and North America see a surge in demand for grid upgrades, the situation in Asian markets is completely different.

This mismatch and tension are driving up expectations for metal prices. In contrast, crude oil, with relatively ample supply, appears to be somewhat "lagging." So, if you observe the true choices of capital, you'll find they are betting that physical assets are the real value anchors of the future.