Core Viewpoint - The increasing inflation in the United States poses a threat to the safety of gold reserves held by countries like Germany and Italy, prompting discussions about repatriating their gold [1][10]. Group 1: Gold Reserves and Storage - Germany and Italy hold the second and third largest gold reserves globally, with 3,352 tons and 2,452 tons respectively, and over one-third of their gold is stored in the New York Federal Reserve [4][10]. - The value of gold stored in the U.S. by these countries exceeds $245 billion, with Germany storing approximately 1,236 tons, which is about 37% of its total gold reserves [4][10]. - The historical reliance on U.S. storage reflects New York's status as a major global gold trading hub [5]. Group 2: Geopolitical Concerns - The uncertainty surrounding the Trump administration's policies and broader geopolitical tensions have led to public discussions in Europe about the safety of gold stored in the U.S. [6][10]. - Concerns about the independence of the Federal Reserve and potential political interference have fueled calls for repatriation of gold [10][12]. - The European Taxpayers Association has urged German and Italian authorities to reconsider their dependence on the Federal Reserve for gold storage [10]. Group 3: Central Bank Trends - A recent survey by the World Gold Council indicates that 95% of respondents expect an increase in global central bank gold reserves over the next 12 months, the highest level since the survey began in 2018 [1][12]. - Approximately 7% of central banks surveyed plan to increase domestic gold storage, reflecting rising concerns about accessing gold stored abroad during crises [12][13]. - The trend of repatriating gold is not limited to Europe; countries like India and Nigeria have also begun to bring gold reserves back home [12][13]. Group 4: Market Dynamics - Gold has surpassed the euro to become the second-largest reserve asset globally, following the dollar, driven by geopolitical risks and inflation concerns [13][14]. - Since January, gold prices have risen by 30%, doubling over the past two years, as global uncertainty and market volatility increase demand for gold [13][14]. - The World Gold Council's survey indicates that 75% of respondents expect a reduction in dollar reserves held by central banks over the next five years, highlighting a shift in reserve management strategies [14].

Group 1 - The report from BNP Paribas indicates that Taiwan's life insurance industry is expected to face approximately NT$180 billion in foreign exchange-related impacts due to the appreciation of the New Taiwan Dollar in May, foreign exchange gains and losses, and the effectiveness of various hedging tools [1] - Traditional hedging tools such as non-deliverable forwards (NDF) are becoming too costly, which may lead life insurers to seek alternative hedging strategies [1]

Group 1 - Australian investors are increasingly allocating funds to Bitcoin over gold, indicating that Bitcoin is being viewed as a hedge and asset protection tool amid market volatility caused by Trump's trade policies [1][3] - In May, Bitcoin's price surged over 10%, reaching a historical high of $111,980 (approximately 174,000 AUD), benefiting from favorable regulations and macroeconomic uncertainties [3] - The inflow into Australian Bitcoin ETFs in May reached 87.3 million AUD, significantly surpassing the 1.5 million AUD inflow into gold ETFs [1][3] Group 2 - The U.S. market shows a more pronounced trend of fund allocation, with Bitcoin ETFs attracting over $9 billion (approximately 139 billion AUD) in the first five weeks of May, while gold ETFs experienced an outflow of $2.8 billion [3][4] - Investors are beginning to view Bitcoin as an independent asset class, with decreasing correlation to traditional risk assets like tech stocks, indicating its strengthening position as an "independent allocation asset" [5][6] - Gold's price has stabilized, with a recent report of $3,313 per ounce, slightly below its historical high of $3,500, while Bitcoin's status as an alternative asset is rising due to waning trust in traditional safe-haven assets [4][5]

Group 1 - The core viewpoint is that the long-term trend for gold remains bullish, with significant potential for future price increases despite recent volatility [1][3][5] - Recent fluctuations in gold prices are attributed to various market uncertainties, but the overall sentiment is that short-term declines should be viewed as buying opportunities [3][5][6] - The analysis indicates that gold is expected to recover from a recent low of 3120, with targets set at 3325 and 3350 for the upcoming week [3][6] Group 2 - The previous cycle's decline in gold prices was linked to the resolution of the US-China trade agreement, which reduced safe-haven demand, but the current year is characterized as a strong year for gold [5][6] - Technical analysis shows that gold has stabilized above the 60-day moving average, indicating a shift from weakness to strength, with potential upward movement towards 3280, 3350, and 3400 [6][7] - Domestic gold futures have shown significant volatility, with a recent low of 736 and a high of 765, but the outlook remains positive with expectations of reaching 775 and 795 [7][8] Group 3 - Silver is also maintaining a bullish outlook, with expectations of trading within the 32 to 33 range, and potential for further gains if it holds above 31.5 [6][8] - The domestic silver market has seen successful trades, with profits realized from multiple positions, and the strategy remains focused on low buying opportunities [8] - The oil market is expected to continue its bullish trend, with targets set at 64 and 66, while maintaining a support level around 60.5 [8][9]