The essence of Walsh trading is hedging. Gold is used as a hedge in the Walsh trade. As mentioned earlier, the actions against Venezuela and the military threats against Iran are, on the one hand, related to the red and white buttons of oil, and on the other hand, aimed at reducing the cost of living for election purposes. On the one hand, it's about appeasing the shale oil giants, with the outcome being a matter of whether or not to engage in combat. The essence of Warsh trading is not about trading whether the next Federal Reserve chairman will be a hawk or a dove. Interest rate cuts and balance sheet reduction are inherently a hedging policy. The purpose of using hedging policies to induce market divergence is to prevent a rush to capital outflows and allow the dollar to depreciate in an orderly manner. Warsh's value proposition reinforces market divergence; he believes in reinforcing old interest rate cuts and shrinking the balance sheet whenever necessary. Sanae's value lies in its deliberate devaluation, which drives capital outflow and encourages capital to return to the United States when there are no single expectations in the US. Based on the start of the US midterm elections on March 3, Japan will hold a snap general election in February. Therefore, I only took profit on a portion of my gold holdings at 5300. @MSX_CN There was a special episode on MaiDian Space that talked about Walsh trading, including my 5 million short position a few days ago, which was also a Walsh trading strategy. Many of the points discussed there are biased towards the IF level of trading, while my thinking is more at the macro level, so they complement each other. I mentioned in the square that because I have a large gold position, I didn't buy the dips in BTC. You can refer to that for yourselves.