Bridgewater Fund's allocation strategy for 2025 has undergone significant adjustments. The long-term bullish stance on gold has now begun to reduce positions; what signals does this reflect? The key turning point in the macro environment seems to be forming, and the re-pricing of risk appetite is inevitable. Against this backdrop, market participants need to re-examine their asset allocation logic—from the rotation of traditional safe-haven assets, to the reassessment of the overall risk framework, and to specific position adjustments. It is worth pondering that changes in large institutional positions often precede shifts in market expectations. This volatility may indicate that a broader adjustment in investment logic is brewing.