I'm sorry, I'm afraid you will be disappointed. Real financial experts may be too busy to come to this column! I'm not an authentic financial expert, but the question you asked is exactly the subject of my study and research, so if you don't hate it, I'll just fill in the blanks. Regarding physical gold, please see my question in this column (actually knowing perfectly well): Has gold changed color now? It is definitely not the first choice for hedging (except in case of war). Paper gold is a disguised futures (it can only buy low and sell high, but can't sell short, and futures can make a profit by selling short), and it is the most valuable and appreciation function if it is operated properly. Although the euro and the pound belong to different economies, their economic development and environment are different, but when financial risks come, they will all be affected. In addition, they are stronger than the US dollar, but today RMB is the strongest currency, and its appreciation potential is not comparable to that of RMB, which is why foreign speculators try their best to squeeze foreign exchange into China and enjoy the fruits of RMB appreciation! Therefore, all things considered, paper gold is the best. Since it is disguised futures, there is no timing problem, as long as you can correctly judge its trend of ups and downs, buy low and sell high!