The popularity of gold has indeed not decreased during this period, and the logic behind it is not simply short-term speculation.

From a fundamental perspective, the price of gold has risen steadily in this wave, with occasional pullbacks quickly absorbed by buying pressure. At first glance, it seems to be driven by risk aversion, but upon closer inspection, it's far from that simple. The global advancement of "de-dollarization" has made countries increasingly aware that putting all assets in a single currency carries too much risk. As a natural hard currency, gold inherently carries credit, making it the preferred choice for many countries to reallocate their foreign exchange reserves.

More importantly, central banks around the world, especially those in emerging markets, have been buying gold in large quantities in recent years. The sustained demand at the official level has laid a solid long-term foundation for gold prices, and this supporting force cannot be shaken by any short-term fluctuations.

Gold actually plays a quite comprehensive role at present:
- When geopolitical conflicts and inflationary pressures arise, it is the "safe haven."
- When assets like stocks and bonds are volatile, gold can help stabilize your portfolio.
- The currency system is undergoing transformation; it is the "anchor of wealth."

The consensus among market analysts is that this round of gold market will follow a "long-term slow bull, with phases of fluctuations" rhythm. For investors, the key is to clearly see the true value and direction of gold, not to be scared by short-term volatility, and not to follow the crowd in chasing highs. When encountering a pullback, it is actually an opportunity; entering the market in a reasonable staggered manner can allow gold to fully play its role in asset allocation.