Core Viewpoint - The article discusses the changing dynamics of population movement and economic conditions in China, particularly focusing on the decline of county-level cities and the implications for real estate investment [1][5]. Group 1: Population Movement - There has been a significant shift in population movement patterns, with individuals returning to their hometowns or lower-tier cities instead of moving to higher-tier cities, which was common in the past [2][3]. - The influx of people returning to lower-tier cities has created a temporary economic boost, but this is not sustainable as it relies on one-time wealth effects rather than ongoing income growth [4][6]. Group 2: Real Estate Market - The real estate market in many county-level cities is facing challenges due to population decline and lack of job opportunities, leading to stagnant or declining property values [1][8]. - The article suggests that while some county-level cities may maintain stable prices, the overall trend indicates a decrease in investment attractiveness for real estate in these areas [7][8]. Group 3: Economic Conditions - The article posits that the economic downturn driven by the real estate sector is nearing its end, and a shift towards new economic growth is expected, although this may not immediately benefit lower-tier cities [5][6]. - The long-term trend suggests that population density and economic efficiency will continue to favor higher-tier cities, leading to a potential resurgence in their economic activity [6].

Core Viewpoint - The article discusses the significant trend of dollar short-selling among Wall Street professionals, indicating a broader concern about the long-term decline of the dollar and the rise of gold as a preferred reserve asset [1][2][3]. Group 1: Dollar Decline - A record number of professional traders are shorting the dollar, raising questions about whether this decline is a temporary event or indicative of deeper issues [2]. - The decline of the dollar is viewed as a long-term process that accelerated after the Russia-Ukraine conflict in 2022, leading to a trend of de-dollarization among countries fearing SWIFT sanctions [3]. Group 2: Rise of Gold - Interestingly, the biggest beneficiary of the dollar's decline appears to be gold, rather than other fiat currencies, as its share in global reserves has increased significantly [4]. - From the third quarter of 2023, the dollar's share in global foreign exchange reserves fell below 50%, a decrease of 5.8 percentage points, while gold's share rose by 7.9 percentage points to 23.3% [6]. - This trend is supported by a report from the European Central Bank, which indicates that gold has surpassed the euro to become the second-largest reserve asset globally, with a projected share of 20% by 2024 [10]. Group 3: Future Projections - If the current trends of gold accumulation and de-dollarization continue, it is anticipated that gold could surpass the dollar as the world's preferred reserve asset by around 2030 [12]. - The article notes the irony of a return to gold as a reserve currency, contrasting it with the abandonment of the gold standard in the early 1970s [12].