Gold Market Insights - The gold market is currently viewed as both overbought and underowned, suggesting a long-term investment opportunity despite recent price fluctuations [3][4] - A forecast revision has been made, increasing the target price for gold to $5,000 per ounce, up from a previous target of $4,000, indicating bullish sentiment [3] - Recent volatility in gold prices has been attributed to significant inflows and geopolitical tensions, particularly between the US and China, as well as sanctions on Russia [4][5] Investment Strategy - Gold is recommended as a core portfolio asset, but investors are advised against chasing prices higher; instead, buying on dips is suggested [10] - The historical value retention of gold is emphasized, with the assertion that it maintains purchasing power over time [10][11] Energy Market Overview - The oil market has been bearish throughout the year, influenced by sanctions on major Russian oil producers, which are expected to reduce supply [13][14] - Recent sanctions have led to a rally in crude prices, particularly in near-dated contracts, as refiners rush to secure alternative oil sources [15] - Despite the current price rally, OPEC+ is increasing production, which may prevent a long-term shortage of crude oil, indicating a potential surplus in the market [17]