House of the Dragon Season 3, episode 5: Who is killing the Gold Cloaks in Kings Landing?

All men must die, but apparently that goes double if you're wearing a gold cloak.

House of the Dragon Season 3, episode 5 sees an already-embattled Rhaenyra (Emma D'Arcy) contending with a new threat from inside King's Landing: The systematic murder of her City Watch, who are having their throats and bowels slashed open at an alarming rate.

So, who is doing it, and why? Let's unpack.

What happens to the Gold Cloaks in Season 3, episode 5?

"Two of our Gold Cloaks were found dead in the streets this morning," says Daemon (Matt Smith) during a Small Council meeting. "Put to the blade by an unknown hand."

He's keen to get to the bottom of the problem himself, but while meeting with Ser Luthor (Tom Cullen), who heads up the Gold Cloaks, he finds two more of their number dead. This time it's happened in broad daylight, and they can't seem to find witnesses.

Later, just as Daemon has finished giving a speech to try and rouse the surviving Gold Cloaks, he gets word that someone has been apprehended. Under torture, the man confesses — but he says he acted alone, and never saw the face of the man who paid him.

"He said it was the king's work I was to be about," the man rasps. "Compliments of King Daeron Targaryen, he said. For killing traitors to his throne."

The assassin is killed, but Daemon's problems are only just starting. At the very end of the episode, he finds a large number of Gold Cloaks, including Ser Luthor, arranged dead around a dining table. "A FEAST FOR TRAITORS" has been daubed in blood on the wall.

Who is killing the Gold Cloaks, and why?

Even though we don't know how many assassins in Flea Bottom are doing the killing, we know who's behind it. Midway through the episode, after two Gold Cloaks have been murdered, we see a shot of a little girl walking up some steps and whispering into the ear of a man we haven't seen before. The man writes a note that he sends via raven, and which we then see being read by Ormund Hightower (James Norton).

The note reads: "Gold blood spilled. Three marked in the tally. The account lies open."

Later, Ormund shows Daeron (Benjamin Evan Ainsworth) a gold coin he's had made with Daeron's face on it. It's the same coin that Daemon later finds in the assassin's boot.

The conclusion? Ormund is paying a network of assassins in Flea Bottom to murder the City Watch as a way of adding to Rhaenyra's problems and weakening her defenses. His hope is probably that without the Gold Cloaks, people in the city are more likely to riot. And if there are problems within the walls of King's Landing, it only serves to strengthen his own position.

House of the Dragon Season 3 is now streaming on HBO Max, with new episodes premiering Sundays at 9 p.m. ET on HBO and HBO Max.