Gold, when it comes to this thing, boils down to two main logics—hedging properties and industrial reserve demand. As for the claims of "replacing the US dollar" and similar rhetoric, those are just talk; there's no need to take them too seriously.

The current question is, is the price of gold still worth buying? From a risk-reward perspective, honestly, it's not very cheap. If you find a bunch of people around you suddenly turning bullish on gold, you should be alert—that's often a signal.

Looking at the US stock market, after the rebound, the resistance level is still there. With a PE approaching 30, it's not cheap, and now with earnings season underway, the risks haven't disappeared—they've just been pushed into future pricing.

On the financial system side, there's a marginal change to watch—US banks are starting to tighten credit card limits by directly cutting 10%. This policy will temporarily drag down bank stocks, but the impact chain on consumption, employment, and corporate cash flow needs ongoing tracking.

Interestingly, the market is currently showing a "blossoming" state, with segments like real estate investment, space industry, drones, military, flexible solar, and chips already taking the lead.

Regarding employment and recession, data is being read repeatedly, and the market hasn't reached a consensus on "whether there's a recession," or rather, this answer is being driven by public opinion.

On the issue of interest rate cuts, current data and public sentiment point to a high probability that there won't be any movement in January. Right now, it's more about "expectation trading" rather than actual implementation; there's still a gap between market pricing and the real pace.