Deutsche Bank, in its latest report, offered its long-term rationale for gold, asserting that the fundamental driver of its structural bull market is reserve diversification, which has extended into the geopolitical sphere. Analysts noted that the conflict in the Strait of Hormuz currently has a more critical impact on the battle for reserves than Federal Reserve Chairman Warsh's own fight against inflation, directly linking to the foreign exchange reserve pools of major energy importing and exporting nations. The report also emphasized that the multi-year bear market in the Treasury bond market is prompting institutions and reserve managers to seek diversified assets.