In a corner where no one is paying attention, gold has already hit a temporary bottom. Here are a few key points: 1️⃣ The most important signal: bearish news is no longer having an impact. This round of aggressive deleveraging in AI tech stocks, combined with the Middle East tensions and rapid oil price hikes, should have normally led to liquidity sell-offs and interest rate pressure on gold. However, after briefly dipping below $4,000, gold quickly bounced back without experiencing a typical stampede-style crash. 2️⃣ The crowded positions from earlier this year have mostly been cleared out. Gold dropped from over $5,500 at the start of the year to around $4,000, with a maximum drawdown of nearly 30%. This round of decline has already flushed out the chasing funds, leveraged longs, and short-term speculative positions. The biggest change now is that gold has shifted from "everyone wants to buy" to "those who wanted to sell have mostly sold." 3️⃣ Structural buying from central banks and Tether. China's central bank increased its gold reserves by 15 tons in June, marking 20 consecutive months of accumulation, with a total of 40 tons added in the first half of the year. According to Goldman Sachs, China purchased approximately 48 tons of gold through the London OTC market in May, nearly five times the amount officially reported for that month. Another often-overlooked buyer is Tether. As of Q1 this year, Tether disclosed holding around $20 billion in physical gold, making it a significant non-sovereign gold buyer globally. 4️⃣ The real trigger for a rebound is U.S. Treasury yields. Gold, as a non-yielding asset, is most sensitive to rising real interest rates and Treasury yields. But now, with the 10-year U.S. Treasury yield already at a high level, gold has still managed to hold above $4,000. Moving forward, as long as yields stop climbing or even slightly pull back, the valuation pressure on gold will ease significantly. A temporary bottom doesn’t mean we’ll immediately enter a major uptrend tomorrow, but the odds of further sharp declines have clearly decreased.