Global monetary easing trend begins. Recently, the Bank of South Korea lowered its benchmark interest rate by 25 basis points from 3.5% to 3.25%, the first time in 4 years. Prior to this, central banks of many European and American countries had already cut interest rates. With adjustments in major central bank monetary policies, global capital is also repositioning. The latest report from the World Gold Council in October reveals that in September, the global physically-backed gold exchange-traded funds (ETFs) saw inflows for the 5th consecutive month, with total holdings increasing to 3200 tons.