Group 1 - The central bank has increased its gold reserves to 74.15 million ounces as of December 2025, marking a rise of 30,000 ounces from the previous month, and has been accumulating gold for 14 consecutive months since November 2024 [1] - The international gold price has surged over 60% in 2025, representing the largest annual increase in nearly 46 years, raising questions about the potential for further price increases in 2026 [2] - Despite a slowdown in gold purchases by the central bank in 2025, speculative funds are driving gold prices higher, with the underlying support from global stagflation and the monetization of U.S. deficits remaining intact [2] Group 2 - The trend of central banks purchasing gold is expected to continue due to ongoing geopolitical tensions and the inability to reverse major power rivalries, providing strong support for gold price increases [2] - Gold is viewed as a favorable asset in the current market environment characterized by a lack of order, with its role as a hedge against AI-related uncertainties becoming increasingly significant [3] - Silver, possessing both "gold-like" attributes and relevance to AI narratives, is anticipated to exhibit higher elasticity in the short term, although its narrative may revert to rationality once AI dynamics become clearer [3]