Oil prices fell 17%, but gold weakened simultaneously, and the traditional gold-oil ratio pricing framework failed. The gold pricing logic has switched to three drivers: AI capital diversion, the solidification of the Fed's hawkish expectations, and the fall in the U.S. dollar credit risk premium. Looking at the liquidity turning point in the short term and the US dollar credit trend in the long term, the current shock provides a layout window for medium and long-term allocations.