Group 1 - The core viewpoint is that the logic of gold allocation is influenced by the changing international order, emphasizing the importance of adapting to these shifts [1][3]. - The current market dynamics are different from the past, where typically when the market fluctuated, the dollar and U.S. bonds would rise; however, now all three—dollar, bonds, and stocks—are declining simultaneously [2]. - The old valuation system for gold has been disrupted, and a new valuation framework will only emerge when a new order becomes clearer [4][6]. Group 2 - The short-term outlook for gold may see adjustments due to some negative factors, but the medium-term perspective indicates a transformation in the credit currency system [6]. - The recommended strategy for gold investment is encapsulated in the phrase "follow the big trend, counter the small trend," suggesting that investors should align with the overarching upward trend while taking advantage of short-term corrections [7][8]. - In an uncertain environment, the risk premium for gold continues to normalize, highlighting the value of gold-related ETFs for investment [9]. Group 3 - The specific gold ETF mentioned is the Huaxia Gold ETF (518850), which has the lowest management fee in its category, and one unit corresponds to 1 gram of physical gold [10]. - The advantages of gold ETFs over physical gold include lower capital requirements, no storage costs, and higher trading efficiency, supporting T+0 intraday trading [10].