Recently, China's largest gold ETF fund manager Xu Zhiyan stated that in the next 3 to 5 years, the US dollar may enter a loose cycle. When currencies move in a loose direction, the gold price expectations tend to move in a very positive direction, which is a good sign. After the decline in gold prices, a "sell one, buy two" strategy can be adopted. In fact, the long-term prospects for the gold market are still good as expectations continue to improve. In the next 3 to 5 years, gold will remain an asset with a long-term trend. Xu Zhiyan pointed out that from the perspective of gold investment, although the market is uncertain in the short term, long-term factors still exist. In the short term, despite fluctuations in gold prices and increased volatility due to significant gains, this year can be considered a year with significant gains in the past decade. He predicted that in the next 3 to 5 years, several events extremely favorable to the gold price will occur. Xu Zhiyan stated that in the next 3 to 5 years, the US dollar may enter a loose cycle. Firstly, when currencies move in a loose direction, the expectations of gold prices tend to move in a very positive direction, which is a good sign. Secondly, the current world is not very peaceful, with many geopolitical conflicts and unrest, such as elections, the Russia-Ukraine conflict, and conflicts in the Middle East. Thirdly, a key point is that there have been significant changes in the supply and demand of gold, and central bank purchases of gold have become a focus of global attention on gold prices. He believes that the pricing principles of gold prices should be viewed rationally, considering its scarcity and supply relationships. Globally, newly discovered gold reserves are scarce, and it may truly be difficult to discover new deposits in the next ten or twenty years. The scarcity of gold exists, and its historical cultural and monetary functions are deeply ingrained. In the short term, especially in recent times, there is a lot of uncertainty in the market, including factors such as futures speculative positions. Despite its volatility being about half that of stocks, occasionally there may be significant fluctuations under short-term data impacts. Investors should not think that gold only rises without falling, nor should they think that only chasing highs can make money. Xu Zhiyan suggests that investors maintain a trend-following investment strategy in the medium to long term, or make investments after a pullback. For institutional investors, especially from an allocation perspective, investing in gold in the medium to long term is definitely a better choice. He believes that from an investment perspective, physical gold and gold ETFs have no essential differences in investment value. The advantage of gold ETFs lies in their convenience of purchase, without the need to go to a store or authenticate authenticity, as they can be purchased directly in an ETF securities account or fund account. Therefore, for investors who have a strong preference for physical gold and want to see it, they can purchase from reputable large banks or merchants, but they need to consider storage security issues carefully. To save costs and increase liquidity, Xu Zhiyan suggests considering gold ETFs. This is also a convenient way chosen by individual and institutional investors globally for its good liquidity and low cost. If the goal is investment, gold ETFs are a relatively cost-effective choice.