[Fidelity Funds Increases Gold Holdings, Betting on Federal Reserve Credibility Crisis and Decline in Dollar's Safe-Haven Status] According to a report by Jinse Finance, on August 24, a portfolio manager at Fidelity International stated that the gold holdings in the fund he manages have doubled over the past three weeks, citing increased uncertainty in Federal Reserve policies as the catalyst for this move. After raising the fund's gold allocation to his self-imposed 5% cap, George Efstathopoulos said he would consider increasing this cap if the dollar's status as a safe-haven asset continues to decline. Following the Federal Reserve's July meeting, investors began selling off long-term Treasury bonds, and it was against this backdrop that George started increasing gold holdings. "My understanding is that this is due to the Federal Reserve's lack of credibility and heightened policy uncertainty," George said. He also noted that the U.S. Treasury's unexpected increase in long-term bond buybacks appears more like "manipulating yields rather than addressing the root cause of why yields are rising." "Today, the focus of gold is no longer on the rise in yields itself, but on why yields are rising."