#数字资产市场动态 Investment mogul Mai Pusi recently made a rare statement: at this stage, he is not looking at gold at all, and will only consider building a position if the price drops by 20%. This remark has caused quite a stir in the market—after all, gold has just posted its best annual gain since 1979, central banks are continuing to buy, and safe-haven funds are flowing in continuously.

His logic is quite straightforward: gold has already lost its core appeal. Expectations of a rebound in the US dollar are forming, and once the US economy shows signs of a turning point, a dollar rally is highly likely. By then, the disadvantages of interest-free assets will be greatly amplified, and the "golden" status of gold will be hard to maintain.

Interestingly, although Mai Pusi is cautious about gold, he has many ideas about other asset allocations. He is particularly optimistic about the sustainable growth potential of the Chinese market, especially in the long-term tracks of high-end chips and AI. India, South Korea, and Taiwanese enterprises are also on his watch list. On Friday, gold prices retreated to $4,600, with a strong dollar and easing geopolitical risks, causing many gold bulls to start wavering.

Ironically, the holdings of the world's largest gold ETF have hit a new high. Behind this contradictory phenomenon, is it a value trough or a risk signal? Perhaps this is the ultimate test that gold will face.