#现货黄金再创新高

Currently inclined to deploy in batches; avoid blindly chasing highs, and do not recommend full-position chasing. The area above $4800 is a no-man's land due to psychological and technical pressures. Adopting a phased entry strategy, if the gold price retraces to the $4650–4700 range, it could be a more comfortable point to add positions.

The hard logic supporting the surge in gold prices is the "black swan" of geopolitical tensions, US dollar credit and debt pressures, and central bank strategic reserves. The situation in Greenland has triggered a US-EU tariff game, fundamentally shaking the global trade credit system built over the past decades. Safe-haven funds have few better options besides gold. The US federal debt has surpassed $38.5 trillion, and concerns over the Federal Reserve's independence are intensifying. When fiat currency credit is damaged, gold's attribute as the "only asset not tied to debt" is amplified infinitely. The People's Bank of China has increased its gold holdings for 14 consecutive months, accumulating to a total of 74.15 million ounces, providing a strong floor support for gold prices through top-tier institutional buying.

Although medium to long-term outlooks are optimistic, short-term overheating signals must be watched. A 10% increase over 20 days is very intense for an asset like gold, which has accumulated a large amount of profit-taking chips in the short term, potentially triggering technical selling pressure at any time.