Remember when gold was around $2,300 in 2024, we started recommending the allocation value of spot gold. Now, the gold price has officially surpassed $4,700 per ounce, and the doubling of the price confirms our earlier judgment. From a fundamental perspective, factors such as continuous central bank gold purchases, rising geopolitical risks, and declining real interest rates still support gold prices. In the long term, we maintain our target price of $10,000 for gold. In the context of increased market volatility, the hedging function of precious metals allocation cannot be ignored.