Core Viewpoint - The price of gold is expected to continue rising, driven by persistent inflation and potential Federal Reserve rate cuts, with analysts projecting significant upside in gold prices over the next few years [2][6][10]. Group 1: Gold Price Trends - The SPDR Gold Shares (GLD) fund has increased by nearly 118% over the past three years, with gold's spot price currently around $3,680 per ounce, up from approximately $1,675 in 2022 [1]. - Several investment banks have raised their gold price forecasts, with Deutsche Bank targeting $4,000 per ounce by 2026, while UBS and ANZ Group also project prices of $3,900 and $4,000 respectively [7][9]. - Analysts predict further upside in gold prices ranging from 6% to 36%, with an average upside of around 8% excluding Goldman Sachs' more bullish forecast [10]. Group 2: Economic Factors Influencing Gold - Persistent inflation remains significantly above the Federal Reserve's 2% target, which has been a key driver for gold's price increase, as high inflation diminishes the value of fiat-denominated assets [3][5]. - The Consumer Price Index (CPI) rose by 2.9% year-over-year in August, while the Fed has lowered the Fed Funds Rate by 25 basis points to between 4.25% and 4.50% [5]. - Markets anticipate further rate cuts in 2025, indicating that the Fed may prioritize avoiding recession over aggressively combating inflation, which could lead to lower real yields and higher gold prices [6]. Group 3: Investment Vehicles - The SPDR Gold Shares ETF is the most popular option for tracking gold prices, though it has a 0.4% expense ratio that slightly reduces returns compared to holding physical gold [11]. - The VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ) offer alternative exposure to gold mining stocks, with GDX focusing on larger firms and GDXJ on smaller ones, both showing strong total returns over the past three years [12][13].

Overview - Vaultbridge utilizes bridged assets (USDC, USDT, WETH, WBTC) for deployment into low-risk strategies on Ethereum [1] - Yield generated is redirected to Katana to enhance APY in Morpho + Sushi pools [1] Benefits - Users benefit from increased earnings through real yield, rather than solely relying on KAT emissions [1]

Core Insights - Financial Serenity focuses on the asset management sector, providing in-depth analysis of market dynamics [1] - The initiative is managed by Tommaso Scarpellini, who has extensive experience in financial research and analytics [1] - The goal is to deliver data-driven perspectives to assist investors in making informed decisions in a changing market [1] Industry Summary - The asset management market is characterized by evolving dynamics that require rigorous data analysis and actionable insights [1] - The column combines insights from data analysis with opinions and ratings on ETFs and other trending instruments [1]

Labor Market & Economic Outlook - US labor market shows warning signs with payrolls tumbling and unemployment rate rising, indicating a deceleration in job gains [1][2] - Concerns mount over a complicated mix for the Federal Reserve to deal with, leading to expectations of potential rate cuts in September and December [2][3] - Slowing services wages suggest a potential slowdown in consumption and the overall economy, justifying lower interest rates even without a formal recession [19] - The economy is structurally sound, but current policy may be suboptimal, with rates disproportionately hurting lower-income households as housing and labor markets slow [9][10] Interest Rate & Monetary Policy - Fed rate cut bets for September have reached nearly 90%, a significant increase from 45% prior to jobs data, with two rate cuts priced in for the year [6] - The Cleveland Fed President acknowledges a tricky time for monetary policy makers due to conflicting mandates, requiring careful data analysis and business conversations [7][8] - The market anticipates bull steepening as the economy slows and the Fed cuts rates, potentially spurring inflation or growth, leading to a V-shaped recovery [12] - Neutral rate is difficult to determine, potentially higher than expected due to shifts in household and business debt structures, allowing for higher interest rates with a robust economy [17][18] Bond Market & Credit Issuance - US high-grade weekly volume reached $12 million, driven by foreign bank sales, while July volume was $81 billion, the lightest month for supply this year [29] - US high-yield July volumes exceeded $35 billion, marking the second busiest month since September 2021 and the busiest since at least 2006 [30] - Leveraged loan launches in July set a record, reaching over $222 billion, the fourth time in 14 months an all-time record has been broken [30] - Private sector holds $225 trillion in cash, exceeding marketable Treasury debt, with only $29 trillion in high-quality bonds, creating a transcendent influence on the market [26][27]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - Injective 协议将提供 SBET，一种包含质押 ETH 和国债的资产 [1] - 该协议还将提供外汇交易等服务 [1]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - 计划推出 SBET，一种包含质押 ETH 和国债的资产 [1] - 计划提供外汇交易等服务 [1]

Product Development - Pendle shipped 20+ on-chain agents, point-to-point swaps, and cross-chain expansion [1] Market Perception - The market keeps focusing on Pendle's APY [1] Industry Perspective - The real yield game is about programmatic access, not just rates [1]

Tokenized Assets & TradFi Bridges - Tokenized assets on Solana reached $418 million, a 140% year-to-date increase [1] - TradFi bridges are multiplying, indicating growing institutional interest [1] Institutional Capital & Real Yield - Serious capital is gravitating towards real yield opportunities on Solana [1] - Corporate treasuries deployed over $700 million of fresh capital within 48 hours [1] Infrastructure & TVL - Four new infrastructure projects received funding, strengthening the Solana ecosystem [1] - Total Value Locked (TVL) on Solana surpassed $9.4 billion [1] Integrations & Ramps - Proshares ETF, Kamino stocks integration, and fiat ramps are all live, improving accessibility [1]

Market Position - Pendle is gaining significant market share [1] Financial Performance - 71% APY (Annual Percentage Yield) on sUSP demonstrates the potential of real yield [1] - Weekly revenue reaches $85,000, indicating strong performance [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific securities Core Insights - Breakeven rates have increased, with 5-year breakevens rising by 5.4 basis points, 10-year breakevens by 5.5 basis points, and 30-year breakevens by 5 basis points for the week [1] - Real yields have also increased, with 5-year real yields up by 14.9 basis points, 10-year real yields by 9.8 basis points, and 30-year real yields by 5.3 basis points [1] Summary by Sections Breakeven and Real Yield Changes - Breakeven rates for various maturities have shown upward movement, indicating market expectations of inflation are rising [1] - Real yields have also increased, suggesting a shift in investor sentiment regarding future interest rates and inflation [1] Open and Closed Trades - The report details several open trades, including a long position in 10-year TIPS and a short position in 3-month to 10-year receivers, which started on January 5, 2024, with a current level of 2.05% and a loss of $549,000 [4] - Closed trades include a profitable position in the 3-year to 10-year inflation spread, which yielded a profit of $1,040,000 [4] Inflation Calendar - Important upcoming inflation data releases include the US CPI on June 11, 2025, and PPI on May 15, 2025, which are critical for assessing inflation trends [6] TIPS Relative Value - The report provides a detailed analysis of TIPS relative value, showing various maturities and their respective real yields, with some bonds identified as rich or cheap based on market adjustments [8][9] Current Market Levels - The report includes current market levels for TIPS, indicating real yields across different maturities, with the 10-year real yield at 2.00% [11]