The World Gold Council points out that the significant discrepancy between current confidence in the economic outlook and uncertainty surrounding economic policies is one of the key reasons for gold's best performance over the past year and its continued strong performance so far this year. While some may worry that gold is overbought and may struggle to find buyers willing to make small investments, strategically, gold holdings remain low. Currently, the core issue for investors is how to rationally allocate their portfolios between market outlook certainty and policy uncertainty. Indeed, investors can and should recognize the monetary and fundamental factors driving market gains—especially with further easing expected in 2026. However, overvaluation and persistent macroeconomic risks warrant caution, highlighting the necessity of portfolio diversification. Given the ongoing geopolitical and US policy shifts influencing asset allocation, we believe a focus should be placed on high-quality assets, such as gold. (Jinshi)