The latest episode of House of the Dragon, season 3 episode 5, introduces a grim mystery as members of the city watch, known as the Gold Cloaks, are found brutally murdered across King's Landing. This escalating violence becomes a central point of contention for Queen Rhaenyra Targaryen and her advisors, diverting attention from other pressing concerns.
During a small council meeting, Daemon Targaryen, prince and Hand of the Queen, brings the issue to the forefront. "Two of our gold cloaks were found dead in the street this morning, put to the blade by an unknown hand," he reports, noting the killings occurred in Flea Bottom. Despite the Master of Coin's dismissal of Flea Bottom as a lawless area, Daemon insists on addressing the crimes, emphasizing that the city watch is crucial for maintaining Rhaenyra's rule, especially given their withheld wages.
Princess Rhaenyra prioritizes locating Aemond and his dragon Vhagar, urging Daemon to deal with the guerrilla tactics employed by Criston Cole against Team Black's advancing forces. Daemon, however, refuses to depart King's Landing until the city watch murders are investigated, leading to a heated argument with Rhaenyra over priorities. "They're my men," he asserts, "and we depend upon those men to secure your rule -- especially because their wages have been withheld."
Later, Daemon patrols the streets with Ser Luthor Largent, commander of the city watch. Daemon criticizes the watch's heavy-handed approach to investigating graffiti defacing Rhaenyra's image. Ser Luthor describes the victims' gruesome injuries: their throats and bowels were slit. Shortly after, Daemon and Ser Luthor discover two more dead Gold Cloaks, meeting the same fate.
Before they reach the scene of the latest murders, a young girl is observed. She is later seen whispering to a man who dispatches a pigeon. The message, "Gold blood spilled. Three marked in the tally. The account lies open," is intercepted by Ormund Hightower. Ormund, seemingly orchestrating events from afar, draws a parallel to Meria Martell's historical resistance against the Targaryens, who employed cunning and subversive tactics. Ormund reveals his admiration for Meria's strategic approach, suggesting he aims to undermine Rhaenyra through similar methods, recognizing he cannot win a direct confrontation with a dragon.
Reflecting on the pattern of the murders with Rhaenyra, Daemon notes the lack of witnesses despite the public nature of the killings. The narrative implies a connection to the Faith of the Seven, given the Hightowers' historical ties to the religious institution and Ormund's stated desire to restore piety to the kingdom. It is suggested that the killers may not be overt supporters of Team Green, but rather religious commoners aligned with Ormund Hightower's agenda.
Further investigation leads Daemon and Ser Luthor to torture a captured suspect. The man confesses they were "doing the king's work" and reveals he was paid with a gold coin bearing Daeron's likeness, implying Ormund has declared Daeron king. The episode concludes with a chilling scene at the city watch headquarters. Daemon discovers nine members of the Gold Cloaks, including Ser Luthor, brutally murdered and displayed at a long table. Written in blood on the wall behind them is the message: "A feast for traitors." While the precise identities of the killers remain unknown, the evidence points to a growing group of dissidents who support Daeron's claim to the throne.