Affected by the repeated "Trump trade" and changes in the geopolitical situation, various assets swung sharply in the first quarter of 2025. Spot gold rose by 19% or about $500 in the first quarter, reaching a high of $3,127 per ounce, and COMEX gold futures rose by 19.6%. Spot silver rose nearly 18%, to a high of $34.56/ounce; WTI crude oil futures fell 0.6%, volatility between $65.22/barrel to $79.39/barrel, Brent crude oil fell 0.3%, volatility between $68.21/barrel to $81.73/barrel; Bitcoin fell 11.8%, the record high hit in January was close to $110,000/piece, and now fell back to the 82,000 dollar line; the dollar index DXY fell nearly 4%, offshore RMB rose nearly 1% against the dollar, currently located in the 104.1 and 7.26 line, the Russian ruble appreciated significantly, the dollar against the Russian ruble USD/RUB, down 21%; other metals, copper rose 10.3%, palladium rose nearly 10%, tin rose nearly 26%, platinum rose more than Eleven percent.