According to CITIC Securities, the current trend of inflation and asset prices is very similar to the first wave of high inflation in the 1970s, and there are signs of a resurgence in US inflation in the future. Once the trend of inflation rebound is established and consumer confidence falls again, the US stock market will face downward pressure again. After the confirmation of data on the resurgence of future inflation, there is further room for gold to rise. During periods of high inflation, gold has more credit hedging and anti inflation properties compared to the US stock market. In the future, gold in the US stock market may shift from the current resonance rise to differentiation, and gold will have relative returns compared to the US stock market.