In 2025, gold became one of the best-performing major asset classes globally, with cumulative gains of over 70% for the year, while the S&P 500 rose by only around 17%. Expectations of Federal Reserve rate cuts have reduced the opportunity cost of holding gold, and ongoing geopolitical tensions have further strengthened its role as the preferred safe-haven asset this year.Looking ahead to 2026, will gold continue its advance towards the USD 5,000 level, or is the rally more likely to slow into a period of consolidation? Do ordinary investors still have opportunities in gold equities and gold ETFs? What are your views?