Morgan Stanley funds have stated that after the current adjustment, the upside potential for gold has once again opened up. If Trump's related policies are truly implemented next year, the US may face the possibility of secondary inflation or stagflation. Both scenarios would support the continued upward movement of gold prices. His series of policy slogans, including global tariffs, domestic tax cuts, and immigration expulsion, could all lead to difficulty in reducing US inflation. Concerns about the weakening of the US dollar's credit in the long term have not disappeared. Therefore, the outlook for the future upside potential of gold remains positive. In September of this year, the Federal Reserve began the current rate-cutting cycle, cutting rates as scheduled by 50/25bp in September and November. Currently, the market is pricing in a 50-60% probability of a 25bp rate cut in December, and this probability will continue to change as the date approaches. There is also a possibility of no rate cut in December, with the market pricing in 2-3 rate cuts next year. Expectations for rate cuts have seen some decline compared to earlier periods, with the pace slowing down. Morgan Stanley funds have stated that during rate-cutting cycles, gold is a relatively certain beneficiary, having a certain negative correlation with medium to long-term US bond yields. Gold often leads in pace ahead of the opening of a rate-cutting cycle, bottoming out after interest rate hikes peak, especially performing strongest in recessionary trading. Looking at the medium to long term, concerns about the weakening of the US dollar's credit, as well as the continued gold purchases by various central banks in recent years, collectively support the difficulty of gold prices falling. For precious metals, industrial metals, crude oil, and other bulk commodities, prices are determined jointly by financial and commodity attributes. From a financial attribute perspective, commodity prices are often negatively correlated with the US dollar index. A strong US dollar leads to significant adjustments in bulk commodities, not only causing gold to fall, but also leading to LME copper briefly falling below $9,000 per ton, and Brent crude oil oscillating in the $70 per barrel range. Under the impact of the rate-cutting cycle on financial attributes, assets sensitive to interest rates are significantly favorable. If the economy does not improve or continues to deteriorate during the rate-cutting process, or if concerns about recession arise, there may be a risk of weakened industrial metal and commodity prices due to worries about a decline in end-demand. If the economy begins to recover after rate cuts, leading to an improvement in demand and further price increases, this will need to be closely monitored and analyzed. From a financial attribute perspective, attention will be paid to the future strength of the US dollar and the rhythm of rate cuts by the Federal Reserve. From a commodity attribute perspective, the long-term price trend of bulk commodities is ultimately determined by the supply-demand relationship of the commodities. Therefore, in the medium to long term, Morgan Stanley funds are paying more attention to the estimation of supply and demand for commodities, including future additions of ore and resource production capacity, the current production status of existing mines, the trend of cost centers, industry capital expenditure expectations, and energy sources such as oil, which require greater attention to policy changes in oil-producing countries like OPEC+ and changes in geopolitical conflicts. From the supply side perspective, copper remains relatively tight in supply, while there are concerns about the release of supply in energy sources such as oil. On the demand side, attention is focused on the global economic outlook, changes in economic trends, particularly the impact of China's domestic economic data on demand for industrial metals, etc. Morgan Stanley funds will continue to closely monitor and track the growth trends of downstream end-demand for commodities, such as the speed of investment in power grids, changes in the prosperity of sectors such as home appliances, automobiles, and real estate, as well as domestic policy expectations, changes in economic stabilization policies, and any marginal improvements in demand for industrial metals. In summary, Morgan Stanley funds believe that at the present stage, it is important to focus on the layout opportunities for gold after overselling. Looking ahead to next year, there may still be potential opportunities for the prices of industrial metals like copper.