Gold assets collide in bull and bear markets. Some fund managers are liquidating, while others are busy increasing their positions.

After more than two years of substantial increases, gold is now experiencing a fierce battle between bulls and bears. Recently, the gold market has seen extreme volatility driven by the "de-dollarization" trend and geopolitical tensions. On April 22nd, the international gold price broke through the $3500 per ounce level, reaching a new historical high, but then experienced a sharp decline. By April 25th, the international gold price had fallen back to around $3330 per ounce, a decrease of nearly 7% in just three trading days. Behind the severe fluctuations, gold assets are at a critical crossroads. Fund managers who have been heavily invested in gold for years are selling off their holdings, sparking debate, while others are unafraid to enter the market at high levels. A battle between offense and defense in the gold market is quietly unfolding.