Trump's speech on Iran sent a signal of an escalation of the war and did not resolve the blockade of the Strait of Hormuz. Oil prices exceeded $103. Gold plummeted by more than 2% and fell below US$4,700. This was due to the short-term impact of the liquidity crisis and the strengthening of the US dollar. The foundation of the long-term bull market has not been broken. The simultaneous decline of stocks and bonds broke the traditional risk aversion logic, and the market priced inflation center rose. Pay attention to the evolution of the war and reassessment of geopolitical risks.