At the end of 2025, the U.S. dollar entered its most vulnerable stage during the year. It was hit by a triple blow from the tariff ruling, the Federal Reserve's dovishness, and the Bank of Japan's interest rate hike. The seasonal weakness was significant in December. Gold, silver, and copper simultaneously hit new highs since 1980, and the weakness of the US dollar became a key fulcrum for the bull market. The central bank's gold purchases and the gap between industrial demand and supply have strengthened market resilience, and the reverse linkage pattern will continue.