On January 15, China International Gold Research reported that in a neutral scenario, due to the huge amount of gold reserves that Asian central banks need to replenish, and the more complicated global situation after Trump takes office, the credibility of the US dollar system will decline. We expect the central bank's gold purchase rate to remain at least as it is, that is, at around 1,000 tons/year. For US debt, we use the forecast of the US Federal Budget Committee (CRFB) benchmark scenario, ...