JPMorgan and Goldman Sachs have raised their gold price targets, citing increased central bank purchases and demand for macroeconomic risk hedging. This move underscores gold's renewed role as a core long-term reserve asset. The banks' revisions reflect broader structural shifts, including changes in monetary policy credibility and geopolitical risks, rather than short-term market dynamics. This development raises questions about the capacity of on-chain finance to support reserve assets. As traditional finance reaffirms gold's strategic importance, the on-chain world faces challenges in establishing a robust "Reserve Layer" of tokenized assets. This layer must meet stringent standards for legal structure, regulatory compliance, and operational stability to serve as a reliable value anchor in varying market cycles.