瑞银警告：债市恐慌将推高金价，2026投资机会转向大宗商品而非科技股

Group 1 - Geopolitical and macroeconomic fears are pushing sovereign bond yields to dangerous highs, benefiting gold, while commodities, small-cap stocks, and international equities may overshadow large tech stocks ahead of the U.S. midterm elections [1] - The current year is characterized by policy uncertainty, with rising Japanese bond yields being a significant concern that is affecting global yields [1] - The market is experiencing high levels of volatility, particularly in the context of the upcoming U.S. midterm elections, which historically tend to yield lower average returns [2] Group 2 - Opportunities are emerging more in the commodities sector rather than in technology, with energy and materials sectors showing strong performance [2] - The Trump administration's efforts to lower interest rates could have significant impacts, especially if yields continue to rise, prompting potential government interventions to maintain low rates [3]