Core Viewpoint - The discussion emphasizes the changing international order and its implications for gold investment, highlighting the need to follow major trends while being cautious of short-term fluctuations [1][16]. Group 1: International Order and Gold Investment - The previous international order was centered around the United States, which provided global security and public goods [3]. - The transition to a "credit currency" era has seen the dollar maintain its status as the global hard currency, despite the detachment from gold [3]. - Since 2018, the world has been entering a "once-in-a-century change," with the dollar's dominance being challenged [3][16]. Group 2: Economic Indicators in the U.S. - The structure of U.S. household income has shifted from a "spindle" shape (predominantly middle-income) to a "dumbbell" shape, indicating increasing income inequality [5]. - U.S. government debt has reached historically high levels, raising concerns about fiscal sustainability [7]. - The share of the dollar in official reserves has been declining, indicating a potential shift in global currency dynamics [9]. Group 3: Future Economic Policies - The potential re-election of Trump in 2025 could lead to significant economic policy changes, including austerity measures and increased tariffs, particularly targeting countries with large trade deficits like China [11][12]. - Trump's administration may face substantial challenges in implementing these policies due to internal and external resistance [12]. Group 4: Market Dynamics and Gold Valuation - Current market conditions show a divergence from historical trends, with simultaneous declines in the dollar, U.S. bonds, and equities, which is atypical [14][15]. - The traditional valuation framework for gold has been disrupted, necessitating a wait for a new order to emerge before establishing a new valuation system [16]. - Investors are advised to adopt a strategy of "following the major trend while countering short-term fluctuations" in their gold investment approach [17][18].