Investment Rating - The report indicates a significant shift in market sentiment, particularly highlighting gold futures surpassing $4,000 for the first time, which is interpreted as a "short fiat" trade rather than a bullish stance on gold itself [4][26]. Core Insights - The volatility of the US dollar has recently exceeded that of the S&P 500, a rare occurrence noted by Goldman Sachs, which has only happened twice in the last seven years [1]. - The prevailing investment strategies among market participants include "long gold," "long bitcoin," and "long stocks," but these are essentially viewed as positions against fiat currency [2][4]. - Following concerns regarding Oracle's AI chip business, major technology stocks and Bitcoin experienced declines, marking a notable shift in market dynamics [5][19]. Summary by Sections - **Gold Market**: Gold futures have reached a historic high of over $4,000, with spot prices also rising but remaining below critical resistance levels [4][26]. - **Stock Market Dynamics**: The stock market faced a downturn after the US market opened, primarily due to revelations about Oracle's thin profit margins in its AI chip sector, which contributed to a broader sell-off in major indices [5][9]. - **Market Sentiment**: The report reflects a cautious sentiment among investors, with references to elevated valuations in the semiconductor sector, suggesting a potential correction may be on the horizon [24].