Gold seems to be a safe haven, says Wealth Enhancement's Doug Huber

Market Performance & Risks - Major indices experienced significant weekly declines, with the Dow posting its worst decline since May, and the S&P and NASDAQ since April [1] - The market is bifurcated, heavily reliant on the AI narrative, making it vulnerable if AI execution doesn't meet expectations, potentially dragging valuations broadly [2][3] - Disillusionment with the US Treasury and US dollar is driving investors towards gold as a safe haven [5] Investment Strategies & Safe Havens - Metals, particularly gold, are seen as a potential safe haven due to central bank buying and disillusionment with the US dollar [5] - Declining rates reduce the opportunity cost of holding non-yielding assets like gold [5] - Investors are considering intermediate and longer end of the treasury curve as potential safe havens [5] Economic Impact & Government Policy - Government shutdowns and potential layoffs could weaken consumer demand, especially in federal work-dependent local economies [6][7] - Concerns exist regarding the long-term ROI of data center spending and the affordability of such investments [3][4] - High debt levels and term premiums are causing concern among natural buyers of long-end bonds [8]