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Friday, July 10th, it's Friday again. This Friday is a Friday that will have an impact, requiring us to follow closely. This is because, in the Middle East conflict, Mr. Trump has already torn up the 60-day ceasefire agreement. Therefore, from now on, there might be bombings or attacks occurring. This is because the ceasefire agreement has ended. And whether negotiations will happen again, this is something investors cannot predict. But what might have an impact is the direction of gold prices. Today, we will discuss the direction of gold prices this Saturday and Sunday. The market will be closed, and this Friday, there will be trading in the futures market again. This will also be the price base for next week. Today, we have invited Mr. Sethawat Phutthaphut, an analyst from Ingo, to join us in this discussion. Because the price of $4,000 per ounce is hovering around that level. It's about $100 more, reaching $4,100, sometimes moving to $4,200, and then staying around the $4,000 base. Will it hold this Saturday and Sunday? And if it holds, at what level is the critical point for us to start accumulating, or for speculators to start cutting losses? Today, let's have Khun Hai, Khun Sethawat, tell us. He is with us now. Hello, Khun Hai. >> Hello, Khun Nao. >> Hello. Friday, July 10th, it's Friday again. But this Friday is different from the past because it's the Friday that Mr. Trump has torn up the 60-day ceasefire agreement. Anything can happen now because they are shooting at each other. So, how scary is gold for us? Because it's Saturday and Sunday again. Tomorrow is Saturday, the day after is Sunday. What do you think, Khun Hai? >> It can be said that if we set aside Mr. Donald Trump, who, in reality, the market might be quite accustomed to already. Because it's been back and forth so many times. But if we look at the price of gold, this is very interesting. Because at $4,000, we've seen it hold for about 1-2 weeks. Before this, if we saw a trend, it was just falling and dropping. The fact that it stopped around $4,000, which is a psychological support level, even though it broke below it at times, but being able to hold in the past week is considered a quite good signal. A good signal, regardless, in the overall picture, it's still in a downtrend. So, to be honest, this week, or on Friday, is very important. Because last week, in terms of buying pressure, it was the first week that closed with a gain in about a month and a half. Many news outlets, both domestic and international, missed this headline: it was the first week to close with a gain. Therefore, if this week, this Friday, can close above $4,200, next week we might expect a strong rebound up to around $4,300, $4,400, or 67,000, 68,000, we might see that. >> Regardless, if this week closes disappointingly, below $4,100, down to the low $4,000s, I must say it's very scary. Because we are still in a downtrend, and the news isn't that good. Therefore, it can continue to fall. Khun Nao. But let's hope for this week. If it closes above >> $4,100, we can hope. And if it's $4,200, that's very good. Around that. >> Mmm, $4,200, can we hope for another $200? $4,300, $4,400, there's a chance to make a profit of $200? >> Yes, it's not difficult. It's not difficult, Khun Nao. >> Ah. What will be the catalyst or the deciding factor for it to hold or not? Is it from buying pressure, from news, or from interest rates? Because people are very worried now. What will be the main factors? >> Let's put interest rates aside for now. Because regarding interest rates, we won't know until the next Fed meeting, or if we guess simply what they will do regarding interest rates, it will be in September and December. So, let's put interest rates aside. Another interesting thing will be employment figures and inflation figures next week. Next week is interesting because the inflation figures for June, which will be announced in July, are expected to decrease in intensity. It's expected to decrease. It's not certain that the market has already priced this in to some extent. So, it's not certain that next week might be a very interesting point. Because if inflation suddenly doesn't decrease, it will be a factor that causes prices to fall further. But if we talk about inflation being hot for a while, next week might be good news for gold. But this week, what was really intense was the MOU, which caused oil prices to initially fall below $70 per barrel. When it was announced, oil prices rose by more than 5%, up to $74-75. Gold followed the same pattern. Money flowed into oil, money flowed into dollars, so gold was sold off. Fortunately, >> around $4,000, it held. Because if it had fallen further, I can tell you, the picture would not have been good. Khun Nao. >> So, this week is another important week to watch. >> Yes. >> Yes. After last week, we were watching because it was the end of the month, and it didn't close well. >> Yes. >> Yes. Now, Khun Hai, what do you see? Because I feel like the $4,000 price level seems to have a lot of support, but I don't know if this support is from collectors or speculators. Because institutions in SPDR are seen selling all the time. ETFs are selling. I don't know which group is guarding this level, guarding $4,000. >> Actually, there's new information that's becoming a trend, which is that China has announced they will no longer allow trading of paper gold for retail investors. >> Actually, retail investors are among those selling, Khun Nao. Because they are being forced to close. >> And on the 24th, it will be almost all banks. Small and medium-sized banks closed their positions from June to early July. So, we've seen continuous selling pressure. But on the 24th, the major player, ICBC, will officially close. They will force everyone, if they are retail investors, to liquidate their positions. So, there will be another round of selling. That's what makes this month a month where we still have to watch. The rebound in this round, I see it as a rebound, but it cannot be denied that there might be selling pressure. Because don't forget, when they canceled paper gold trading, in China, retail investors will be forced to sell. Even if retail investors want to trade, they can move to the futures market. But their process is to sell their old app and open a new app. >> That's right. And it might have an impact from now until July 24th. Simply put, everyone is waiting, thinking, "Oh, they're going to cancel it soon, so should I sell now?" But the price, as we see, is around that level. They might not want to sell yet. Khun Nao. So, every rebound, for example, when we saw it rebound to $4,200, see? As soon as it hit $4,200, oh, it sold off sharply. I think there will be some retail investors who have to gradually exit to open new apps. >> This is what is happening and is another interesting force. Because I got the data. I looked for the proportion of Chinese investors who are retail speculators in the market volume. It came out to be over 20%. This includes futures. >> Yes. >> Mmm, 20% is a lot, Khun Nao. >> Yes. I'll share the image. >> Ah. >> Ah, okay. This is 20%. This is in the LBMA or London, about 50% of the volume that is delivery futures, CFDs, all those paper golds that we can trade. This is a proportion, and China holds about 20%. So, those that are closed, let's assume for a moment that over 10% might be sold off in this market. This is something interesting. In fact, it has already happened. It started in June and continued into this month. But it might continue until the 24th. This is an interesting figure. What is about to happen in the future, saying, "Oh my god, gold will be bad." This is not entirely true. Because if we look at the physical gold market, China is a very large proportion. And by reducing >> Ah, trading in paper, and if people think, "Oh, all paper trading is gone, no more leverage?" They still have the futures market. Retail investors can also trade there. But the regulations are quite stricter than what they trade in their bank apps. But if that's the case, it means that if the volume shifts back to the futures market, according to their regulations, they will have to reserve physical gold or buy actual gold to accumulate. According to their regulations, this means that the physical gold market in the future, or the long-term gold price, will become much stronger. So, this is not good in the short term, but in the long term, the base of the gold price will not be heavily leveraged. So, it's a good thing too, Khun Nao. We have to wait and see when retail investors will gradually close to open new apps. That is something to watch. At this juncture. Khun Nao. >> Mmm, it seems like China is reorganizing. Reorganizing high leverage. They are pushing them to another market, to trade in the futures market, to make it regulated. Opening an account with a bank, this means closing the position. Correct? >> Closing the position and not opening new accounts. They don't open new accounts and force them to sell, which means closing the position. So, from today until July 24th, it might be soft, like in June. Why are we wondering why gold isn't rising? But it's not falling below $4,000, and it's not rising. Every time it rises, it's pushed down. So, it might have an impact from that 20%. Khun Hai, they hold a lot. >> A lot. But the good thing is that if retail investors are still trading, they just sell their old app and open a new app. They have to buy again. >> But certainly, leverage. We have to understand this. I've studied it too, and just found out that the bank apps in China are very free, with leverage of 5-10 times. >> But if they move to the futures market, the leverage will be considerably lower, only 3-4 times. Simply put, if they sell and want to push it back to the same level, it will be a bit difficult because the leverage is lower. You need more money. But it will be gradual. If we look at this factor alone, it will be gradual. We just have to be careful about additional selling pressure when the price rebounds a bit. And that's normal now. The gold price chart, simply put, it has fallen. It has fallen sharply. It will move sideways or rebound. This is the most normal thing. >> Mmm, around that. >> Ah. Khun Hai, so can we say that until the 24th, gold prices might not rise dramatically, unless there's really good news? Then it will rise significantly. But if it's news like this, it will rise around this level. >> Yes. Next week, the only figures to look forward to are the inflation figures. >> Yes. If they come out lower, I'm not sure, it might be very good news for gold. >> Yes. We'll have to wait and see. But in terms of price, this week is very interesting, Khun Nao. >> Mmm. So, if you are a speculator, Khun Hai, do you think it's worth it, or is it better to gradually collect small amounts, $50, $100, and take it? >> Yes, for speculators, because you can expect a lot. Like $4,200, that's the minimum if it rebounds. I'm looking at $4,300-$4,400. I've set the targets for you. Around $4,300-$4,400. And if you want to collect, the stop loss is $4,000. It's the easiest, Khun Nao. >> If the price dips around $4,000 again, and there's no selling pressure below that, it's very interesting to collect. Let's look at the chart. >> Ah. I measured this yesterday. >> It's like this. First of all, it might look a bit messy. First of all, we cannot deny that we are truly in a downtrend. And this line is a downtrend line. But the good thing is that the price has been sideways like this, meaning this line is also ready to break. And yesterday, on Thursday, or Wednesday, when it fell very sharply, almost breaking $4,000 again. This is a point where, fortunately, the price was able to rally back. And yesterday was a force that closed with a gain. >> Therefore, on a weekly basis, what will happen this week? Khun Nao, this week, the picture is that it opened with a gain. This week is still red. If this week, on Friday at 4:00 PM, the price can close above $4,200, it will be a positive signal again. It will be two consecutive weeks of gains. Next week, it has a chance to rise. Why? Because this line is close to breaking. Similarly, if this week closes below red, the picture will be similar to this. I've made it for you. The picture will be like this. >> The yellow circles are gains. And this week, if it closes red like this, next week it will fall further. >> Yes. >> Ah, so the picture will be >> like this, Khun Nao. We are just hoping for this Friday, whether it can hold above $4,200 or not. Or at the very worst, here, $4,100. >> Mmm. >> Hold on. >> The picture, I've been looking at it. There's one thing that's interesting. I've been looking at the community. Gold, Silver, Copper. Silver has a similar signal to gold. The chart picture is exactly the same. We are waiting for this week. And Silver, similarly, must hold at least around 61. Gold will hold at least $4,100. >> Yes. If the picture is like that. >> Next week, we can still hope, Khun Nao. >> Ah, beautiful. Let me ask, Khun Hai, how heavily are speculators trading now? I mean, is the liquidity still high, coming in and out, and the patient investors who collect gradually, what's it like? >> To be honest, the nature of people who are speculators, who trade with leverage, paper gold, paper trading, and so on, they are not the type to jump in when gold falls sharply. They are not like that. They will wait for the price structure to form first, meaning it rises, there must be a structure of holding, holding, and then they will jump in when there is a structure and good news. Right now, gold doesn't have a bullish structure yet. It's just starting to form, and we don't know if this egg will stand or fall. Therefore, speculators are not really playing at this juncture. Most people playing are long-term investors with cold money. >> Yes. >> Which are the figures they are waiting for, perhaps the central bank figures for June to be released this month, whether to collect more. >> But overall, they are collecting more, but it has slowed down a bit. We have to wait and see. But simply put, the people trading in the market now are those with a lot of cold money, long-term investors. If the price drops by 25% or more, they buy easily. If it rises back to the same level next year, they get 20-25% profit, which is very worthwhile. >> Mmm. >> But if you are like >> buy today, rich tomorrow, that's not it. Because the egg hasn't even formed yet, Khun Nao. >> Now. >> Yes. >> Oh, it sounds like those who collect are truly patient. They collect patiently, not a lot, just gradually. So, the market might be a bit quiet now. >> Yes. As we see, last week, we thought gold would fall even more. This week, based on the news, we are starting to feel a bit relieved. But overall, it's not like, "Let's go all in." It's not like that. Right now, it's like, "Oh, we have to wait and see." Sentiment is definitely reflected in the price. Whenever the price is stable, gradual, looks like it's going down, the picture is like this. But if it rebounds to $4,500, $4,600, it will be a different story. And actually, this month. >> Ah. It's expected. You can see it on the chart. This month, four consecutive months, the chart closed red. What can you expect gold to rise heavily? I'll tell you, you have to expect this level. The chart should turn green like this. Green like this, where? Above $4,500. >> Yes. >> If you expect next month to return to an uptrend, or this month, if it's below $4,500, I'll use strong words, I'll call it a fake-out. Because >> Below $4,500, $4,300, $4,400 are all strong resistance levels. Every rebound can always have selling pressure. And also, forming an egg, Khun Nao. After buying, it takes time to build a structure. There will be selling pressure. So, resistance around $4,300, $4,400, if it doesn't break through, we can't trust it. Simply put, we might have to wait until the end of the month. If it doesn't close above $4,500, with this picture, the sentiment can be pushed back to where it was. It can be seen, red bars like this, pushed down all month, and dragged down. Because it cannot be denied that it has been a downtrend for 4 consecutive months. To rise, it will take time to prove itself, to prove the structure. >> Ah, can we play the downtrend strategy? Or is it waiting for the uptrend that never comes? >> You can play the downtrend. You have to play in case of a rebound and play short. But to short at the psychological support level of $4,000 is too dangerous. Okay, if it truly breaks, it might go to $3,500. But if it doesn't, and it rebounds to $4,500, the reward is not very worthwhile. So, to play, you must have an advantage, which is to wait for the price to rebound first, and then you play short. This is usable. And actually, in almost all cases I've measured, there's a very high chance of a rebound first. >> Yes. >> A rebound first. It's possible. >> But can it go to $4,500, hold $4,500, $4,600? We'll see. So, for speculators, on the first rebound, you have to sell first. Because remember, the monthly chart is still under pressure, and there are still resistance levels. At that moment, you buy here, right? Buy here, speculate, sell at the top, or short more. Because your stop loss is not difficult. It's played like this. And another way is if it doesn't end. I've measured the wave count. This can be marked as ended and can fall further. There are two cases. And falling further can be quite deep. So, as long as this trend line, or around $4,400-$4,500, is not reached, it can move sideways a bit and then fall further. >> So, you have to be extra careful at this juncture. Wait for it to rise to $4,500-$4,600, then it will pull back. It will be easier to play at that moment. >> Yes. >> Around that. Wait for that moment. >> Khun Nao. >> Ah. So, looking at it falling to $4,100, and then suddenly this week it rose to $4,200, and then it held $4,000, $4,100 again. I don't know if it's luring us in. They said it would break $4,000, $4,000, and then it came back up to $4,200. Is it to lure us in to close the month as the 4th month? >> Due to the structure. If I were a speculator like myself, I've measured it. On Wednesday, it didn't break $4,000. It's usable. At first, I said before last week that it would rise to around $4,200 and then fall. This fall, we'll see at $4,000. It turned out $4,000 held. On Thursday, it held at $4,100. So, the stop loss for speculators is quite clear: if it breaks $4,000, then cut. So, it can be played. If you manage your reward well, it can be played. You can buy, and the profit target is $4,300-$4,400. It's interesting if you want to play the rebound. But if it falls, don't worry too much. It's normal. Because remember, the Fed hasn't done anything yet. The market expects the Fed not to reduce interest rates, but to keep them. The question is whether to raise or keep. And the chance of raising is not gone. So, there's no major good news yet. Oil is still rising. And if oil continues to rise at $74-75 per barrel, it means inflation will remain sticky around this level for a while. And if inflation doesn't decrease as expected, Mr. Kevin Boss might be ready to be hawkish. I'm not sure what he will do. With this kind of situation, it's difficult for gold to have good sentiment. >> Yes. But the central banks are still collecting continuously. China's, even though they are reorganizing retail investors, the big players are still buying. >> Yes. Of course. With the momentum of taking out paper gold, the physical gold will definitely be pushed. >> They will push physical gold. Which is very good in the long term. But that's in the long term. I think no one watching this program thinks gold is bad. Gold is always good. But the question is, when will it be good? That's what we're wondering about. I have to be honest. If you are a long-term holder for 2-3 years or more, there should be no problem. But for monthly holders, or those who were stuck with losses before this, you have to consider carefully what to do. >> Yes. Khun Hai, $3,400, $3,500, what we used to look at technically, that if it were to fall low, it would fall to that level and not lower. Can we close that door? Because we see that there are many people guarding the $4,000 base. It doesn't fall. It falls and immediately rises. So, we can't rule that out anymore, can we? We don't see it anymore. >> Yes. I can say that if it falls to $3,500, there will be a lot of fighting. I can say that many people are waiting to buy at that level. But I don't want to rule out the $4,000 level. The strategy now is how much money you have left. 50% of it, put it at $4,000, 63,000, 65,000. And the other 50%, keep it. Keep it for if it falls further to $3,500, you can invest fully there. And 2, if it rises to $4,500-$4,600 and holds, with good news, inflation decreases, the Fed changes direction, you invest more there. It's easy to plan like this. But regardless, at $4,000, it's very okay if you want to collect. The principle is like this. >> Yes. But now, the war is making people think, "Should I put my money in bonds instead?" It seems more attractive. >> Right? So, they go there first. This is an interesting chart. I brought it to show you. This is the real yield chart that everyone talks about. That the real yield is negative, and inflation is positive. Ah, gold is being suppressed. But the question is, in 2023 to 2025, when gold has been rising all along, the yield is here, at 2% as well. What's different? You know, Khun Nao. >> Yes. >> It's that in 2022, 2023, 2024, when gold rose, it was because the Fed was going to lower interest rates for a long time. In 2024-2025, gold rose from 40,000, 50,000, to 70,000, 80,000, up to now. The Fed is going to lower interest rates. But when the Fed says they will raise interest rates this year, gold is suppressed. So, the yield doesn't have much effect. But the yield plus the Fed raising interest rates is suppressing gold. So, what you need to wait for is when the Fed changes its words from "will raise" to "will hold" or "will lower." And in terms of sentiment, this is September and December, Khun Nao. >> Mmm, meaning. >> Yes. Meaning, in the next 3 months, July, August, September, what will gold be like? If we are in August, and the gold price is $4,000, I think this kind of chill is interesting. But since we are in July, there are still 2 months left, Khun Nao. >> We don't know what scenarios can happen. Maybe it will fall first and then rise. >> Or it will move sideways, rise first, and then fall around here for a while. There are too many cases. And honestly, this sentiment is unpredictable. Inflation will decrease, oil will decrease. It will rise again. So, it's hard to say what to do. But it cannot be denied that ultimately, gold is a safe-haven asset, Khun Nao. >> Yes. If it expands further, then gold will >> be okay again. So, it's a guarantee. You can see gold as a guarantee or insurance. Like when you buy fire insurance, you don't want your house to catch fire, right? But if something happens, it will help support your entire portfolio. And honestly, in terms of price, if we compare it, if we compare it to the three major markets, whether it's the Dow Jones, the stock market, or the dollar, let's look at this picture. We will see that. Look. We will see that all three markets, stocks have risen very expensively. The sentiment is good for traders and speculators. You buy, and you are sure to have volatility because the price rises sharply. But gold has fallen very low compared to stocks. Even though, honestly, in the months when they fell together, gold fell together. But stocks rose for 4 consecutive months, gold fell for 4 consecutive months. For speculators, stocks are better. But in terms of price and cheapness, gold is much cheaper than stocks. >> And if there's a signal that the Fed will raise interest rates, or the AI bubble will burst, people will be ready to rebalance from stocks to buy gold at a cheaper price. Because gold is a safe-haven asset. So, at this juncture, honestly, large investors are quietly collecting, gradually DCAing monthly, rebalancing their portfolios, just waiting for the right news and timing, and then the price will rise. >> That's it. We don't know if >> the end is over yet. Because this is 4 consecutive months. >> In terms of sentiment, it's not very good. But a rebound is highly possible. Around that. >> Oh, but when you show it like this, it's very clear. These three are very clear. Because now money is going into stocks, bonds, and gold. But today, gold, as you said, hasn't even formed an egg yet. The uptrend, there's no sign of it starting. It's a round of running again. People might feel like they want a leader first. >> Yes. Right now, people are focusing on bonds and dollars. For example, if you look at the Thai baht, it's very clear. I'll give it to you. 33.5. >> Yes. If it breaks 33.5, it will go to 34, 35. This might be another juncture where if the baht breaks 33.5, gold might fall below $4,000. So, here, if anyone wants to consider, wait and see if the baht should not break. >> But similarly, if people think, "What should I hold?" Cash is clearly rising continuously. The dollar is strengthening. Money is in dollars. >> Yes. But the overall dollar trend is >> a downtrend. It won't last long. Cash, you hold it for interest rates and risk. You can't hold it for that long. So, money will be squeezed into either gold or US stocks, which are still in an uptrend. But in terms of reward or value, gold is usable. But in terms of momentum, or "buy today, rich tomorrow," stocks or the stock market still look good. It's just a matter of time. The current juncture is for people with cold money, long-term players. But for the dollar, I think >> we have to wait and see. When it's 33.5, it means it's likely to go long. And if it breaks through, then we have to be careful about gold. >> So, it might go to 34, 35? >> Yes. Around that. >> Oh, in that case, buying Thai gold at 34, 35 would be good? Buying Thai gold would be good? >> Baht is weak. >> Uh, Thai gold would be better. >> Beautiful, right? >> Yes. Thai gold, Thai gold is good because it will reduce the loss compared to spot. Because if it breaks 33.5, overseas gold will fall below $4,000. Do you understand, Khun Nao? >> Yes. >> Ah. So, it depends on what you want. But Thai gold will be okay because the baht is likely to weaken significantly. >> For example, the Go to Go app, does it have both currencies? >> Oh, currently, it only has Thai baht. >> Oh. >> So, this weekend, buying through the Go to Go app, you can set it in advance. If something urgent happens. >> Yes, you can. This is the advantage of our app. This weekend, after the MOU was torn up, there was a bombing. There are scheduled talks. But Saturday and Sunday, who knows? So, if you see a good signal, you might wait to buy around there. Or if you are waiting for Friday at 4:00 PM, and Khun Hai says it holds at $4,100 or $4,200, which is interesting, you can wake up and buy then. That's also possible, Khun Nao. >> Can you set it in advance on the app? >> You can set it in advance. You can set the price you want. But the timing is the same. For example, if you think there will be a bomb or something strange, and gold will surely rise on Monday, you buy on Saturday or Sunday. And you set a sale price of $400-500, $1,000. You can do that. In case it rebounds. >> It will hit exactly. Because sometimes you won't wake up in time at 5:00 AM, or the price moves very fast when the market opens. You don't know how much. So, you can set it in advance. >> Ah. >> It's like protecting yourself from risk, and from the risk of not waking up in time, not keying in in time, or missing the best price. >> Yes. >> We can do everything in advance on the app. >> Yes. The function of buying on holidays is actually a function for large investors. They call it ODC. You have to call to buy. But we've made it available for our retail investors to manage their risk. There are many other strategies. You can search for them. You can try. >> Ah, let me give you an example, in case it's a strategy that's fun to play through the app. >> Oh, there are many things, Khun Nao. I'll save them for another time. You can search easily. Because there are many markets where we can buy and sell, and from >> our app as well. Mmm, around that. >> Ah, let me ask you, the FOMO that has disappeared from Chinese retail investors, is it a group of investors like Khun Hai mentioned? Like China, they have a proportion of up to 20%. If paper gold disappears from the market, the strength of physical gold, even if they buy more here and use it as collateral, how much will it help support the price? To prevent it from falling below $4,000. In terms of futures, if everyone trades there more, they will have to place orders to stock up on physical gold. In the futures market, this will cause 1) investors to feel that the trading cost is starting to increase, so they might not trade as often. The advantage is that physical gold will hold the base. The problem is that strong rises or sharp falls will be cut off because the leverage is lower. Not only in the Chinese market, but also in the US market, the margin, or collateral, will continue to increase. So, after this, simply put, the price will start to reflect the true cost of physical gold. And actually, physical gold might become very expensive in terms of delivery of gold after this. Or it is even estimated that gold bars in China will be much more expensive than gold bars elsewhere, or in Thailand, during this period of adjustment. >> Yes. It's not just that it might affect the world. The premium for import might skyrocket because China has to say, "Oh, bring gold bars, bring gold bars." With the regulations, they have to stock more gold bars than before. Normally, you trade 100, you trade 100 in your bank app, no need to stock anything. Now you have to import it. So, this will make the premium of physical gold much higher. And actually, I forgot a figure. In terms of paper gold, China is 20%, but in terms of physical gold, China and India combined account for over 50-60% of the world. >> Or in Asia, we collect a lot of physical gold. So, I see that they are pushing it. They are pushing it to support their digital yuan, to compete with the dollar. This is a movement that ultimately, gold will be something that everyone will diversify into. Because China is definitely doing this. >> Listening to this, it sounds like those who are patient collectors, this looks interesting if you look long-term. It sounds like this. >> Yes. >> Yes. >> Yes. Like we know that speculators like to dump, like to short. They are gone. And when the price rises sharply, last time, oh, it was dumped so badly. After this, maybe the dump won't be 30% as we saw. Maybe it will fall by only 15%. We will feel a bit relieved. But some people might want to collect at a cheaper price, so they might be a bit disappointed. But the price base will become stronger and stronger. In the long run, for physical gold. >> Now, the game changer for the next round of gold price increases, you said it might be in September, related to the Fed's decision on whether to raise interest rates or not. What is the game changer for gold to return to $5,000 again? It's the only thing, honestly. It's boring. We're just waiting for the Fed. >> Just the Fed. Because we've seen that if they lower interest rates, gold can rise all the time. But now, when the Fed says they will raise interest rates, that's it. So, it's just September, December. But if, by chance, inflation doesn't decrease, and they raise interest rates, gold is very dangerous. So, during the waiting period, watching the news, waiting for US inflation to decrease, waiting for US employment to be bad. This is something to watch. So, divide your risk. $4,000, 63,000, 65,000, cold money can collect. Don't worry too much. And reserve for $3,500? It depends. But it's good to reserve a bit. Because for me, it won't rise quickly. Even if it rises, it will take time to build a base. You will have time to collect around here for a while. >> So, don't worry too much. Around that. >> Ah, cold money collects, hot money beware. >> I can't say stop. >> Yes. >> I can't say stop either, because they are still like speculators. They have to find consistent returns. So, thank you very much today. Because this Friday, this kind of thing happened. Normally, I interview Khun Hai at the end of the month to plan investments for the next month. But this might be at the beginning of the week because he tore up the agreement. So, from now on, we don't know how violently they will shoot. But Khun Hai said they are used to it. What they look at is the Fed. But it turns out we have to look at the war again to see if oil will drag on. If oil is high and drags on, gold might not go anywhere. But there's another variable in July, which Khun Hai said is a factor we need to follow. Because China's banks will not allow opening accounts and trading paper gold from the 24th of July. It will be effective, closing all accounts and positions. So, in the futures market, we need to follow gold prices, as Khun Hai said: $4,000. For cold money, it can be collected. But for hot money, maybe take a break. Thank you very much today. Thank you. Hello. Okay, thank you. >> Hello. >> To not miss any investment information and news, don't forget to like, share, and subscribe to all Money Chat channels.