Group 1 - The appeal of gold as a safe-haven asset is rapidly increasing amid global economic struggles between "stagflation" and "deflation" [1] - In April, the country's gold imports surged to 127.5 tons, a 73% increase year-on-year, marking an 11-month high, while platinum imports also exceeded 11.5 tons [1] - This surge in gold demand reflects a deep concern over the stability of the dollar system, especially as international gold prices reached a historic high of over $3500 per ounce [1] Group 2 - The significant increase in gold holdings by foreign entities points to a structural crisis in the U.S. Treasury market, with a 15% reduction in U.S. Treasury holdings over the past six months [3] - The increase in gold reserves corresponds to 60% of the funds from the sale of U.S. Treasuries, serving as a hedge against valuation risks from inverted Treasury yields [3] - Analysts suggest that if the risk of U.S. debt default rises, gold's physical attributes will make it the ultimate asset unaffected by credit system risks [3] Group 3 - The explosive growth in gold demand indicates a reassessment of dollar credit risk by various countries, with Russia successfully increasing its gold reserve ratio to 23% before the Ukraine conflict [4] - The reintroduction of "tariff weaponization" by the Trump administration has led to simultaneous declines in U.S. stocks, bonds, and the dollar index, prompting a global capital flight from dollar assets [4] - According to the International Monetary Fund, the global dollar reserve ratio is projected to drop to 57.3% by Q1 2025, the lowest level in 20 years, signaling unprecedented challenges to dollar hegemony [4] Group 4 - A fierce competition for gold among global central banks has emerged, with a 340% year-on-year increase in gold purchases reported for Q1 2025, primarily driven by emerging market countries [6] - Countries like India and Turkey are utilizing foreign exchange reserves to repatriate physical gold, aiming to avoid risks associated with Western financial sanctions [6] - The trend of "de-dollarization" is shifting gold pricing power eastward, as evidenced by a major Asian financial center experiencing an 18-month streak of gold premiums above international benchmark prices [6]