Core Viewpoint - Gold prices have surged over 25% since January 1, 2025, reaching a historic high of $3,500 per ounce, currently fluctuating around $3,300, with differing opinions on whether the gold bull market has ended or will continue to rise [1][4] Group 1: Market Trends and Predictions - Citigroup predicts a decline in gold prices due to reduced investment demand from improved global economic growth and geopolitical tensions easing, forecasting prices to drop to $2,500 to $2,700 per ounce by mid-2026 [1] - Conversely, Goldman Sachs maintains a bullish outlook, projecting gold prices to reach $3,700 per ounce by the end of 2025 [1] - The World Gold Council's survey indicates that 81% of central banks expect to increase their gold holdings in the next 12 months, the highest since the survey began in 2018 [4] - By June 2025, this figure rose to 95%, indicating a strong trend of central banks accumulating gold [4] Group 2: Central Bank Activities - Central banks are projected to purchase a record 1,100 tons of gold in 2024, a 5.8% increase year-on-year, with expectations to exceed 1,250 tons in 2025 [4] - In May 2025, central banks net purchased 20 tons of gold, demonstrating their commitment to gold accumulation despite high prices [5] Group 3: Economic and Geopolitical Factors - The ongoing geopolitical tensions, including conflicts in the Middle East and the Russia-Ukraine war, contribute to the perception of gold as a safe-haven asset [6][8] - The relationship between gold and the US dollar is shifting, with gold increasingly seen as a hedge against currency devaluation and economic instability [11] Group 4: Investment Opportunities - The current market conditions suggest that it may be a favorable time for investors to consider buying gold, as it serves as a hedge against inflation and economic uncertainty [1][11] - The "golden circulation framework" proposed by Hong Academy emphasizes the importance of monitoring key indicators to assess gold's long-term trends [3]