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Meanwhile, the trend of global central banks increasing their gold holdings continues. The latest survey by the World Gold Council shows that a record proportion of central banks plan to further increase their gold reserves in the coming year. However, from a capital flow perspective, gold ETFs and gold stock ETFs have recently continued to see overall net outflows. According to industry insiders, the short-term performance of gold will still be affected by factors such as Federal Reserve monetary policy, inflation changes, and geopolitical events.

```htmlGolden Ten Data reported on June 18 that Mike Shedlock, a registered investment advisor representative at SitkaPacific Capital Management, stated that Walsh is Trump’s most outstanding personnel selection. In his debut as Federal Reserve Chair, Walsh did not rush in with preconceived ideas, but instead promised to study better methods of data collection. Walsh does not like the “dot plot” guidance, but did not immediately abolish it—instead, he chose not to submit forecasts himself. Greenspan, Bernanke, Yellen, and Powell were all “disasters.” Bernanke was the worst: he pushed for large-scale quantitative easing, paid interest on reserves, and greatly promoted forward guidance. Walsh wants to abolish the policy of “paying interest on reserves,” which is a “poison” left by Bernanke. This is a welcome change. Walsh’s approach of thorough, research-driven reform wins consensus faster than aggressive pushing. At the very least, Walsh has brought the necessary change. But not everything is perfect: I strongly criticize Walsh’s proposed “trimmed mean inflation” metric, as it excludes more inflation data than it keeps. I am also skeptical of his so-called “market-based inflation measurement indicators.”```

Jiang Zhuoer stated that MSTR holds $55 billion in BTC and needs to pay $1.7 billion STRC dividends annually; selling BTC can cover dividends for 32 years. STRC is preferred stock with no principal repayment required, so MSTR faces no liquidation risk and will not fail to pay dividends. Jiang Zhuoer believes this statement reflects pessimism about the market outlook. STRC has severely depegged and can no longer be refinanced. MSTR has relied on issuing additional common shares to purchase BTC in the past two weeks; when mNAV is less than 1, this results in losses and reduces the BTC per share, making it unsustainable on a weekly basis.