智通财经网·2025-11-20 00:13Core Viewpoint - The correlation between gold prices and the Nasdaq index has increased since November, raising concerns about deeper underlying risks, despite liquidity shocks in the money market not being the primary cause [1][2][6]. Group 1: Market Trends - Since November, gold and Nasdaq have shown multiple instances of simultaneous increases and decreases, indicating a rising correlation between a risk asset and a safe-haven asset [2][3]. - For example, on November 4, the Nasdaq fell by 2% while gold dropped by 1.8%, and on November 10, the Nasdaq rose by 2.3% alongside a 2.8% increase in gold [2]. Group 2: Economic Factors - The tightening of the money market and rising funding rates are not likely the main reasons for the observed trends, as liquidity pressures have eased following the resolution of government shutdowns [6][10]. - The underlying driver appears to be concerns over Federal Reserve tightening amid recovery expectations, which often leads to unified movements in major asset classes [7][10]. Group 3: Historical Context - An analysis of the correlation between gold and the Nasdaq throughout the year reveals that their relationship has fluctuated based on economic conditions and Federal Reserve expectations [8]. - In early 2023, trade tensions and recession fears led to a divergence between gold and Nasdaq, while in the third quarter, both benefited from lower interest rate expectations, resulting in increased correlation [8]. Group 4: Future Outlook - The recent simultaneous movements of gold and Nasdaq may not indicate a deeper liquidity crisis, and such trends may not persist long-term [10]. - Future attention should be directed towards fundamental data; if improvements are confirmed, gold prices may face upward resistance while overall risks in the U.S. stock market remain low [10].