Gold has once again hit new highs. On January 12th, London spot gold was reported at $4553.23 per ounce, while domestic gold T+D broke through the 1005 yuan/gram mark, with branded jewelry gold soaring to around 1410 yuan/gram. In less than two weeks into the new year, the increase has already exceeded 9%. This rally is indeed quite fierce.

Looking deeper, there are three forces driving this surge. The Fed's rate cut expectations have not yet dissipated, global central banks continue to buy gold in the market, and geopolitical tensions occasionally escalate, adding to the overall nervousness. These three factors stacking together have pushed gold prices wave after wave to new highs.

Major institutions are very consistent in their outlook—JPMorgan Chase and UBS are both calling for $5000, and in extreme scenarios, some even mention $5400. However, risk warnings must also be clear: short-term correction pressures are already showing around $4550, and regulatory authorities have started to step in to cool down the market.

In the medium to long term, it may be wise to consider allocating gold ETFs or directly investing in gold bars at low points, taking out 5%-10% of household assets to hedge risks. This epic bull market offers a great opportunity, but while seizing it, don’t forget to manage the risks.