Group 1 - The International Bank for Settlements (BIS) warns that retail investors are shifting gold from a traditional safe-haven asset to a speculative asset, marking a simultaneous entry into an "explosive zone" for both gold and stock markets for the first time in at least 50 years [1][2] - Gold prices have increased by approximately 20% since early September, moving in tandem with high-risk assets, which deviates from its historical role as a safe-haven asset [1][2] - BIS emphasizes that the current market dynamics, where both gold and stock markets are in an "explosive zone," pose higher systemic risks, as a correction in one market could trigger a chain reaction affecting overall market stability [2][3] Group 2 - The surge in gold prices is partly attributed to "trend-chasing investors" capitalizing on media hype surrounding gold, fundamentally altering its trading patterns [2] - The recent rise in risk appetite, driven by expectations of interest rate cuts, has alleviated concerns about economic slowdown, facilitating retail capital inflow into the gold market [2] - BIS notes that the oversupply of government bonds, resulting from significant debt issuance by developed economies, has led to a reversal of typical yield spreads, indicating structural pressures even in the safest government bond markets [3]