Group 1: Economic Logic Behind Gold's Safe-Haven Attribute - Gold's safe-haven property is rooted in its physical scarcity and stability, which ensures its role as a value store [1][2] - The global proven gold reserves are only 170,000 tons, which contributes to its inflation-resistant nature [2] - Gold typically shows low correlation with traditional assets like stocks and bonds, making it a preferred destination during market sell-offs [2] Group 2: Historical Context of Gold During Economic Crises - During the 2008 financial crisis, gold's price dropped to $712 per ounce but surged to over $1900 by 2011 due to quantitative easing [2] - In the early stages of the COVID-19 pandemic, gold briefly fell by 12% but later reached a historical high of $2075 per ounce, showcasing its stability compared to more volatile assets like Bitcoin [2] - In the 1970s, gold prices skyrocketed from $35 to $850 per ounce during high inflation, demonstrating its ability to preserve purchasing power [2] Group 3: Gold's Position in the Modern Financial System - Central banks have increased their gold reserves from 30,000 tons in 2000 to 35,000 tons in 2023, indicating a trend towards "de-dollarization" amid geopolitical risks [2] - The average daily trading volume of COMEX gold futures is $110 billion, highlighting its role in risk hedging [2] - The emergence of gold ETFs and digital gold tokens has lowered investment barriers, with global gold ETF holdings reaching 3100 tons and a management scale exceeding $200 billion in 2023 [2]