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Rarely does an investment guru turn bearish on gold: only if it drops 20% will they consider it

This wave of gold's surge has indeed dominated the headlines, with its strongest annual performance since 1979, continuous central bank purchases, and safe-haven funds flooding in… It seems to be a thriving market. However, recently a seasoned investor from the emerging markets sector openly stated: now is the time to sell gold; wait until it halves by 20% before considering buying.

His logic is straightforward— the dollar is about to rebound. Once the dollar strengthens, the disadvantage of gold as a "no-interest asset" is amplified. Gold prices have already lost their appeal, and the story of this rally is coming to an end.

But what's interesting behind this is that his views on other assets are completely different. He considers the Chinese stock market as a "growth engine," citing high-end chips and AI industries as having catching-up potential. India, South Korea, and Taiwan-related concepts are also popular. In contrast, the "wealth preservation myth" of gold is being tested—on Friday, gold prices returned to the critical level of 4600 USD, under the dual pressures of a strong dollar and easing geopolitical tensions, the bullish sentiment on gold is beginning to weaken.

Ironically, the world's largest gold ETF holdings have hit a new high. On one side, institutions are increasing their positions; on the other, investment heavyweights are reducing theirs— is this a value vacuum or a risk signal? In the crypto market, similar "institutions bullish vs influencers bearish" conflicts often play out. At such times, looking at data more and emotions less is the key to finding real opportunities.