The macro team at Soochow Securities stated in a deep dive report published on August 26 that the recent rare simultaneous rise in gold, copper, and crude oil is not a simple broad commodity rally. Instead, it is the result of a combination of factors, including elevated geopolitical risk premiums, a temporary improvement in overseas liquidity, increased fragility in global supply chains, and a weakening of the dollar's credibility. The report is cautiously optimistic about the future performance of these three assets, suggesting that gold could reach $5,000/ounce in an optimistic scenario. Copper prices are expected to avoid a deep correction before the implementation of US tariff policies, and Brent crude oil prices may maintain a central range of $80-90/barrel.