From 2023 to 2025, central banks around the world are collectively buying 1,000 tons of gold annually. Yesterday, Poland's central bank completed its 150-ton gold purchase plan, which accounts for 15% of the average annual gold accumulation by central banks. At the end of October, this tweet coincided with a small peak in gold prices. At the time, we talked about short-term adjustments being done, but the long-term support logic remains unchanged. The long-term logic is: - The trend of de-globalization driven by major power competition won't change, - The momentum of fiscal expansion and deficit inflation won't weaken, - In this context, hedging against fiat currency depreciation, - Accelerated de-dollarization by various countries; These are the foundational support logics for gold from a long-term perspective. Honestly, as long as you see the trend of central banks continuing to accumulate gold, it shows that the strongest purchasing power is still there.