三位大佬同时喊：卖！

Group 1: Gold Market Overview - Gold prices have rebounded, reaching around $4,200 per ounce, with a weekly increase of 4.3% and a monthly increase of nearly 6.5%, marking the fourth consecutive month of gains [1] - ETF investments in gold have also seen inflows, with Huashan Gold ETF and Huaan Gold ETF recording net inflows of 9.62 billion yuan and 3.38 billion yuan respectively [2] Group 2: Diverging Views on Gold - Hong Hao expresses a cautious short-term outlook on gold, having sold all holdings at $4,500 per ounce, citing a "huge price momentum bubble" that needs time to digest [3] - Li Bei has completely liquidated her gold positions, stating that the best phase for gold has passed and viewing the recent sales by the Russian central bank as a significant warning signal [4][6] - Fu Peng holds a structurally bearish view on gold, noting that the institutional factors supporting gold prices are gradually dissipating, particularly due to geopolitical stability [7][9] Group 3: Historical Context and Future Outlook - Li Bei highlights that gold is not a guaranteed upward asset, referencing a 20-year bear market from 1980 to 2000 driven by central bank sales [5] - Fu Peng emphasizes that the recent geopolitical stability, including the lack of escalation in the Russia-Ukraine conflict, may lead to a decline in gold's value [9] Group 4: AI Investment Discussion - The discussion shifts to AI investments, with Hong Hao categorizing AI as a "huge bubble" similar to the late stages of the 2000 internet bubble, suggesting that the market often overestimates short-term effects [10] - Li Bei warns of potential pitfalls in AI investments, advocating for a focus on companies with low price-to-earnings and high dividends during economic downturns [10] - Fu Peng suggests a balanced investment strategy, combining AI investments with defensive assets to navigate potential market volatility [10] Group 5: AI Market Dynamics - The AI market is experiencing significant volatility, with notable fluctuations in stock prices of major companies like Nvidia and Google, indicating a re-evaluation of AI valuations [11] - Concerns are raised about the sustainability of AI investments, with experts suggesting that the current hype may lead to a market correction [15]