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[Institutions: Gold is Increasingly Becoming a "Centerstone Asset"] 1. In a recent report, Saxo Bank analyst Ole Hansen points out that in a fragmented, fiscally strained, and geopolitically uncertain world, gold is increasingly becoming a "cornerstone asset." Its strong performance over the past two years is not only due to a favorable macroeconomic environment but also signifies a profound shift in the global financial system—investors' pursuit of "trust, diversification, and resilience" has become as important as "yields and growth." 2. However, the report also warns that gold is not without risks as it enters the new year. The most direct risks come from positioning and capital flows. Given the significant gains in gold and silver in 2025, the upcoming annual rebalancing of major commodity indices will trigger a large sell-off in the futures market to adjust weights, a technical process that could cause significant market volatility in the short term.

US President Trump is expected to sign an executive order at 1:30 p.m. ET (2:30 a.m. Friday Beijing time). Additionally, Trump is scheduled to sign the National Defense Authorization Act at 6:00 p.m. ET (7:00 a.m. Friday Beijing time).

On December 18, Mixue Ice Cream announced that its first store in the United States will open soon.

Germany's Rheinmetall Group plans to sell its civilian business division to focus on developing the defense industry.

A proposal, as seen by the Financial Times, suggests a significant relaxation of UK regulations on financial benchmark providers, effectively excluding approximately 90% of companies in the sector from the scope of the new rules.

[US Media: Trump's Strategy Towards Venezuela Shifts to "Gradual Pressure," Ultimately Aiming to Remove Maduro from Power] 1. According to Politico, the Trump administration's recent blockade of oil tankers off the Venezuelan coast is the latest manifestation of its "gradual pressure" strategy against Venezuelan President Maduro. This strategy aims to ultimately remove Maduro from power through sustained isolation and pressure, rather than immediate large-scale domestic action. 2. Sources familiar with the matter revealed that the US believes the Maduro regime's survival depends on oil, drugs, and illegal gold smuggling, and the current US actions are simultaneously applying pressure on these three fronts. However, analysts also acknowledge that Maduro will not easily yield, and his stubbornness, coupled with the increased expectations of US action, leaves little room for compromise on either side. The report points out that "Maduro is buying time, while Trump is buying victory," leaving few options for de-escalation.