当避险资产失灵，黄金与美股同跌意味着什么？

Core Viewpoint - The article highlights the unusual performance of gold as a traditional safe-haven asset, which has recently shown a positive correlation with the S&P 500 index, indicating potential deeper market crises as investors lose safe havens [1][3][4]. Group 1: Market Conditions - Gold and the S&P 500 index exhibited a positive correlation of 0.22 in November, continuing a weak positive trend since October, suggesting that investors are selling profitable assets to cover losses [4][8]. - The recent decline in gold prices, which fell over 2% last week, coincided with a drop in the S&P 500 index and Bitcoin, indicating market liquidity stress [3][5]. - The technology sector's struggles have intensified doubts about the overall health of the economy, further impacting market sentiment [6]. Group 2: Investor Behavior - Investors are currently seeking liquidity, leading to synchronized declines in gold and other risk assets, as they attempt to mitigate losses from other holdings [5][12]. - Concerns over the AI bubble have led to increased scrutiny of tech stocks, with investors potentially disappointed in using gold as a hedge against tech stock risks in the short term [7][14]. Group 3: Historical Context and Future Outlook - Historical data shows that during true crises, asset correlations tend to converge towards 1.0, as traders liquidate profitable positions to raise cash [12][13]. - Although gold may decline alongside the stock market in the short term, its safe-haven properties typically re-emerge as crises deepen, suggesting a potential for recovery and reduced overall portfolio losses [14].