Group 1 - The global market is experiencing a rare "split," with investors aggressively pursuing risk assets while simultaneously hoarding safe-haven tools, as both the S&P 500 index and gold approach historical highs [1] - Traditionally, there is a negative correlation between the S&P 500 index and gold, but as of now, gold has increased nearly 27% this year, just 2.1% away from its historical high set on April 21 [1] - In contrast, the S&P 500 index has only risen 2.1% this year but has rebounded strongly from a significant sell-off following President Trump's announcement of comprehensive tariffs on April 2, now just 2.3% away from its historical closing record [1] Group 2 - The current market narrative reflects a conflict between optimism and fear, with the stock market pricing in AI-driven profit growth while gold is priced based on long-term structural concerns such as uncontrolled deficits and a weakening dollar [3] - Investors are seeking growth through stock purchases while simultaneously buying gold for stability, preparing for two potential outcomes [3] - The ratio of gold to the S&P 500, currently around 1.76, indicates that while it is high, it is not at extreme levels, suggesting a favorable position for gold [4] Group 3 - The gold/S&P 500 ratio was as low as approximately 1.5 in April, indicating a potential shift towards safe assets or preparation for volatility when the ratio declines [4] - Maintaining the current situation where both the index and gold reach historical highs may require a combination of lower real interest rates, dovish Federal Reserve policies, sustained demand for hard assets, ongoing confidence in long-term growth, and sufficient macroeconomic uncertainty to keep fear-driven trading active [4] - The scenario is likened to balancing two spinning plates, which may be sustainable for a time but requires continuous movement and appropriate conditions to prevent both from falling [4]