Fidelity International fund managers have doubled their gold holdings in the past three weeks.

⑴ A portfolio manager at Fidelity International stated that the fund under their management has doubled its gold holdings over the past three weeks, with the current allocation reaching its self-imposed 5% cap. The main driving factor was the increased uncertainty surrounding Federal Reserve policy.⑵ The fund manager began increasing gold holdings after the Federal Reserve's July meeting, when investors were actively selling long-term government bonds. He believes this reflects market doubts about the Fed's credibility and rising policy uncertainty.⑶ He also pointed out that the U.S. Treasury has unexpectedly increased the pace of long-term bond buybacks recently, which appears more like an attempt to “manipulate the yield curve” rather than actually address the structural causes behind rising yields.⑷ He believes the current focus of the gold market is no longer the rise in yields itself, but why yields are rising. If the dollar's status as a safe-haven asset continues to weaken, he will consider further increasing the gold allocation cap.