[Institutions: Global Economy Shows Increased Resilience to Oil Shocks] BlockBeats News, April 11 – A research report by Bank of America on April 10 pointed out that since the 1970s, the global economy's dependence on oil has gradually decreased: the amount of oil required to produce the same scale of GDP today is only one-third of that in the 1970s. The OPEC crisis and subsequent oil shocks were once regarded as severe stagflation shocks. However, the economy is now more resilient to energy shocks of similar magnitude. A research report by Huatai Securities noted that since March, geopolitical tensions have impacted global risk appetite, but gold has not demonstrated its expected safe-haven properties. Instead, it has risen and fallen in tandem with risk assets. Since the outbreak of the U.S.-Israel-Iran conflict in March, gold experienced a maximum drawdown of over 17% before rebounding from the bottom as signs of easing tensions emerged. The institution believes that the reasons for this round of gold adjustments include crowded positions in the early stage, liquidity shocks, gold sales by some central banks, and capital diversion to energy commodities, among others.