According to CoinMeta, a research report by CICC states that two narratives that suppressed gold in the earlier period are being disproven: Firstly, global liquidity has not truly entered a tightening cycle. As inflation in the United States declines and growth slows down, economic fundamentals support a more accommodative monetary policy, and potential reforms by the Federal Reserve could create room for future interest rate cuts. Secondly, the process of "dollar de-dollarization" has not ended. The Fed's "tapering" policy may help restore the credibility of the dollar, but it is subject to multiple constraints from financial markets and politics, making its implementation uncertain in the future. Global central banks' net gold purchases rebounded to 289 tons in the second quarter, a year-on-year increase of 62%, reaching a record high for that period, reflecting the deep-seated concerns of central banks about the dollar. Diversification of reserves will continue to support gold demand in the medium to long term. As global liquidity becomes more relaxed and the upward pressure on real interest rates and the dollar diminishes, gold may once again gain support from both increased liquidity and a diversified monetary system. CICC believes that the bull market for gold has not yet ended, and the window for re-increasing gold holdings after the previous adjustments has opened. They recommend continuing to overweight gold.