According to Bloomberg, gold has risen by approximately 10% in August, poised for its largest monthly gain since January this year. However, compared to the frenzy at the beginning of the year, investors are notably calmer in the derivatives market this time, no longer blindly buying call options. Instead, they are turning to lower-cost spread strategies and exotic options, betting on continued gold price increases with more restrained expectations. The catalyst for this rally was US Treasury Secretary Scott Bessent's announcement of plans to "at least double" purchases of 10- to 30-year outstanding Treasury bonds, a move that pushed down the dollar and boosted gold. However, Federal Reserve Chairman Kevin Warsh reiterated his anti-inflation stance at the Jackson Hole meeting last Friday, fueling market expectations for interest rate hikes, which led to a subsequent pullback in gold. Bitcoin has also surged by 12% since August 19, briefly surpassing $80,000, with US-listed spot Bitcoin funds attracting over $2 billion in inflows during the same period.