Citadel boss Ken Griffin says that one of this year's top trades is starting to worry him

Core Viewpoint - Gold has reached an all-time high of $4,000 an ounce, indicating a significant shift in investor sentiment towards safe-haven assets amid economic uncertainty, a weaker dollar, and inflation concerns [1] Group 1: Investor Sentiment and Market Trends - Investors are increasingly viewing gold as a safe-haven asset, similar to how they once viewed the US dollar, which raises concerns about the stability of the dollar as a store of value [1][3][7] - There is a trend of foreign investors seeking exposure to US assets while hedging returns back to their local currencies, suggesting a cautious approach towards US investments [2] - The appreciation of alternative assets, such as cryptocurrencies, alongside gold, indicates substantial asset inflation away from the dollar [3] Group 2: Economic Concerns - Concerns about US debt levels are prevalent among investors, with bipartisan spending being criticized as "profligate" [5] - Deregulatory policies from the Trump administration are believed to have contributed to heightened market volatility, referred to as "animal spirits" [6] - The fear of a "Sell America" trade has been somewhat alleviated as the administration has dialed back tariffs and pursued trade deals, but underlying concerns about the US as a safe investment destination remain [4]