This bull market in gold differs from previous cycles, its most significant characteristic being a structural shift in demand. Central bank gold purchases have increased significantly, but mine production growth is limited, necessitating a stable supply of recycled gold. Therefore, the price increase is sustainable; even with short-term price corrections, the medium- to long-term upward trend remains unchanged. International gold currently boasts a 65%-67% annual return, marking the largest annual increase since the 1979-1980 inflation crisis. Central banks have been consistently increasing their holdings. The US dollar's share of global official foreign exchange reserves has fallen to 56.9%-57.8%, a new low since 1995. The increased demand for safe-haven assets is primarily driven by the Federal Reserve's interest rate cut cycle, the global high debt environment, concerns about trade tariffs, and geopolitical conflicts.