Recently, two main trends on Wall Street are worth paying attention to. A top investment bank's latest research report pointed out that the continuous increase in gold ETF holdings could become an important driving force pushing up gold prices, with a target price directly aiming at $4,900. Meanwhile, multiple Wall Street institutions, including this investment bank, are lowering their expectations for the dollar — they generally believe that the dollar has already peaked, and the probability of depreciation starting in the second half of this year is rising; by 2026, the dollar could face greater downward pressure.

What does this mean? A weak dollar means assets priced in dollars (including gold and cryptocurrencies) are relatively cheaper, which makes them more attractive to international capital. The increase in gold ETF holdings combined with the expectation of dollar depreciation is reshaping the supply and demand dynamics of commodities. Since the end of last year, gold has already risen quite a bit, but according to the investment bank's logic, there is still room for further gains. If the dollar downtrend truly begins, the chain reaction will quickly propagate through the entire financial market.