Gold surged to an all-time high above $5,500 an ounce, extending a breakneck rally fueled by US dollar weakness and a wider flight from sovereign bonds and currencies.Bullion jumped as much as 3.2% in early trading, building on a 4.6% leap in the previous session – its biggest one-day gain since the height of the Covid-19 pandemic in March 2020. Precious metals have risen dramatically this year on heightened geopolitical tensions and worries about the independence of the Federal Reserve, which have support ...

Core Viewpoint - The article discusses the rise of Model Portfolios in the U.S. investment advisory industry, highlighting their role in enhancing efficiency and service quality for advisors, allowing them to focus more on client interactions and financial planning [2][4]. Group 1: Definition and Characteristics of Model Portfolios - Model Portfolios allow advisors to "outsource" part or all of the investment management work, enabling them to reference standardized strategies designed by professional institutions [4]. - These portfolios are typically multi-asset but can also focus on single asset classes, such as equities or fixed income, and are designed around specific investment goals like target risk or income orientation [4][6]. - Model Portfolios provide a blueprint for asset allocation and fund selection, allowing advisors the flexibility to adjust based on client needs, unlike traditional one-stop asset management products [7]. Group 2: Providers of Model Portfolios - In the U.S., Model Portfolios are primarily offered by two types of providers: third-party strategy firms and asset management companies [9]. - Third-party strategy firms charge a strategy usage fee, typically between 0.1% and 0.25%, while asset management companies often do not charge additional fees, as they earn from the underlying products [9][11]. Group 3: Adoption and Growth of Model Portfolios - Over 40% of U.S. advisors now use or reference third-party Model Portfolios, with assets managed through these portfolios exceeding $645 billion as of March 2025, marking a 62% increase since June 2023 [24]. - The rapid adoption of Model Portfolios is attributed to changes in advisor fee structures, the flexibility they offer compared to traditional products, advancements in technology, and lower fee levels [26][27]. Group 4: Future Trends in Model Portfolios - The growth of Model Portfolios is expected to focus on tax optimization and customized strategies, as many providers begin to incorporate tax considerations into their offerings [34][38]. - The market for Model Portfolios is maturing, with a decline in the number of new offerings since 2022, indicating a need for differentiation among providers [32].

贝莱德集团Jeff Rosenberg：美联储的反应机制（相比针对价格稳定性）更侧重于劳动力一端。 ...

Core Viewpoint - The discussion centers on whether crypto ETFs represent a sustainable investment trend or merely a passing fad, with arguments presented from both bullish and bearish perspectives [1][2]. Group 1: Market Performance and Trends - The first U.S. cryptocurrency ETF, ProShares Bitcoin ETF (BITO), debuted over four years ago, with Bitcoin reaching a peak of approximately $68,000 in 2021 and $126,000 in 2025, indicating significant price volatility and institutional interest [1]. - In 2025, crypto ETPs attracted $34.1 billion in investments, showcasing a growing institutional demand for crypto exposure through regulated vehicles [1][2]. - Despite a 30% price drop in Bitcoin following its peak, the overall inflows into crypto ETFs remained strong, with nearly $48 billion in the first eleven months of the year, indicating resilience in the market [2][3]. Group 2: Regulatory Environment - The regulatory landscape for crypto ETFs has improved, with acts like the GENIUS Act and CLARITY Act providing a more structured environment for investment, which is seen as a positive development for the ETF market [1]. - The SEC's oversight of crypto ETFs contrasts with the original decentralized nature of cryptocurrencies, raising questions about the implications for the future of digital assets [1]. Group 3: Institutional Adoption - A significant increase in the number of U.S. advisory firms allocating to crypto ETFs has been noted, rising from fewer than 200 before 2024 to over 2,000, reflecting a shift in institutional acceptance [1]. - Institutional investors are now holding crypto ETFs, which contrasts with previous cycles where retail investors would panic sell during downturns, suggesting a more stable investment base [2][3]. Group 4: Future Outlook - The potential for consolidation in the crypto ETF market is highlighted, with larger providers like BlackRock dominating inflows, which could lead to smaller players exiting the market [3]. - The emergence of diversified crypto ETFs, such as the CoinShares Altcoins ETF (DIME), is seen as a promising development, allowing investors to gain exposure to a range of cryptocurrencies rather than betting on individual assets [3].

Core Viewpoint - BlackRock Inc. has increased its stake in Sibanye-Stillwater to 5.001%, leading to a surge in the company's share price to an all-time high [1][2]. Group 1: Shareholder Activity - BlackRock previously held a 3.57% stake in Sibanye, making it one of the top institutional shareholders [2]. - The increase in BlackRock's shareholding has contributed to a significant rise in Sibanye's share price, which reached $20.84 in New York, marking a 3.6% increase [2]. Group 2: Market Capitalization and Precious Metals - Following the share price surge, Sibanye's market capitalization is approximately $14.2 billion [2]. - The rise in Sibanye's shares coincides with a broader rally in precious metals, with gold prices exceeding $5,300 per ounce and silver surpassing $117 per ounce [2]. Group 3: Company Profile - Sibanye-Stillwater is recognized as one of the largest primary producers of platinum group metals and a leading gold producer, operating mines across five continents [3]. - Public Investment Corp. (PIC), South Africa's state-owned asset management firm, has also increased its stake in Sibanye to over 20%, solidifying its position as the largest investor in the company [3].

Market Overview - The market is experiencing a busy day with significant earnings reports and comments from political figures impacting sentiment [2][5] - The divergence between the NASDAQ and Russell indices indicates a recent rotation of money back into technology stocks after a brief period of underperformance [3][4] Technology Sector Insights - Major technology companies are set to report earnings, with ASML's bookings nearly doubling estimates, reflecting strong demand in the semiconductor sector [4][5] - The ongoing infrastructure buildout is driving GDP growth, estimated at 4-5%, which is beneficial for the technology sector and broader economy [5][6] - There is a notable divergence within the technology sector, with some large-cap software companies hitting 52-week lows while the overall market reaches new highs [8][19] Federal Reserve and Economic Policy - The Federal Open Market Committee (FOMC) is expected to maintain current interest rates, with little market expectation for changes, although there is interest in potential dissenting votes among new members [12][13] - The selection of the next Fed chair is generating intrigue, with several candidates being discussed, and the Senate confirmation process is a critical factor [10][17] Capital Expenditure Trends - Capital expenditure (capex) among major tech firms is a focal point, with expectations that it should neither be too high nor too low to maintain investor confidence [9][20] - The impact of artificial intelligence (AI) on software companies remains uncertain, with questions about how increased competition will affect profitability and market dynamics [22][23]

Combine the biggest ETF manager, one of the hottest trends in ETF investing, and a new product launch, and what do you get? Meh. There’s nothing bombastic or shameful about the planned iShares Bitcoin Premium Income ETF, due to debut soon. And it certainly has a solid firm behind it. Covered call ETFs, including active ones, are not new. And frankly, I find the product glut downright dangerous. More News from Barchart I’m not pointing fingers at any one firm. It is the sum total of option-driven income ...

Core Viewpoint - The increasing national debt in the U.S. is a significant concern, with experts warning of potential economic strain and a "debt death spiral" if growth does not improve [1][4]. Group 1: National Debt Concerns - U.S. national debt has surged from $7 trillion to over $38 trillion in the last 15 years, with projections indicating it could reach the low 40s in the coming decade if current trends continue [3][5]. - The reliance on foreign buyers for debt financing is diminishing, which could lead to Americans bearing a larger burden of the debt [2][6]. - Experts like Jamie Dimon and Ray Dalio emphasize that the current debt levels are unsustainable and could lead to currency erosion and inflation [4][5]. Group 2: Economic Growth and Adjustments - Solomon warns that without stronger economic growth, the U.S. may face a painful adjustment period [3]. - The need for aggressive fiscal stimulus has become entrenched in the U.S. economy, making it challenging to cut spending [2]. - The Committee for a Responsible Federal Budget estimates that new legislation could add over $5.5 trillion to the national debt by 2034 [7]. Group 3: Investment Strategies Amid Economic Uncertainty - Experts recommend diversifying investments, particularly into gold, which is viewed as a safe haven during economic turmoil [8][9]. - Real estate is also highlighted as a protective asset class during inflationary periods, with property values and rental income typically rising [12][13]. - Alternative investments, such as art, are gaining attention for their potential to provide unique portfolio diversification and returns [22][24].

港交所消息：1月22日， 贝莱德 对 赣锋锂业 H股的多头持仓比例从6.48%降至5.77%。 ...

Core Viewpoint - BlackRock increased its stake in Fuyao Glass (601865) by acquiring 1.37 million shares at a price of HKD 10.6898 per share, totaling approximately HKD 14.645 million, resulting in a new holding of about 27.5541 million shares, representing a 6.24% ownership [1] Group 1 - BlackRock's acquisition of 1.37 million shares indicates a strategic investment in Fuyao Glass [1] - The total amount spent on the share purchase was approximately HKD 14.645 million [1] - Following the purchase, BlackRock's total shareholding in Fuyao Glass increased to about 27.5541 million shares [1] Group 2 - The new ownership percentage of BlackRock in Fuyao Glass is 6.24% [1]