DLS MARKETS：黄金与美股同时创新高

Group 1 - The core viewpoint of the article highlights that international gold prices have reached historical highs, with the market increasingly anxious about the risks associated with the peak levels of U.S. stocks, suggesting that gold may remain the best hedging tool [1][3]. - On Wednesday, gold futures for December delivery on the New York Commodity Exchange closed at $4,070.50 per ounce, marking a record high and an increase of over 50% since the beginning of the year [3]. - The S&P 500 index also reached a historical peak of 6,753 points, indicating a simultaneous rise in these two core assets, which breaks a historical trend observed since 1975 [3]. Group 2 - Factors such as the U.S. debt burden surpassing the statutory limit, increasing political interference in Federal Reserve policy, and ongoing global trade tensions and geopolitical conflicts have weakened market confidence in traditional assets [3]. - Short-term movements in the S&P 500 index are expected to depend on corporate earnings growth and the performance of third-quarter financial reports [3]. - Gold's ability to maintain its upward trend relies on continued accumulation by global central banks [3]. Group 3 - During periods of overall optimistic stock market sentiment and positive economic growth data, gold is viewed as a hedging tool or a means of diversifying risk [3]. - Analysts express skepticism about gold's effectiveness as a hedge if the stock market declines, suggesting a potential for a broad market sell-off [3]. - The relative strength index for gold has remained in the overbought territory for two consecutive weeks, while the S&P 500 index has exceeded two standard deviations from its mean, indicating that both markets are in a severely overbought state [3].