Core Insights - Ken Griffin, CEO of Citadel, expressed concerns about gold's rising price and its implications for the U.S. dollar as a global safe haven, with gold futures surpassing $4,000 an ounce, reflecting a gain of over 50% in 2025 [1] - The U.S. dollar has depreciated approximately 10% this year, currently positioned near 98.5 on the U.S. Dollar Index (DXY) [2] - Griffin noted a trend of asset inflation away from the dollar as investors seek to de-dollarize and mitigate U.S. sovereign risk, amidst a booming U.S. economy and record-high equities driven by advancements in artificial intelligence [3] Market Trends - The "debasement trade" narrative has gained traction, with investors favoring hard assets like gold, silver, and bitcoin as protection against monetary debasement caused by excessive money creation [4] - The U.S. government is experiencing a partial shutdown, and market expectations indicate a 92% probability of a 25 basis point rate cut at the upcoming meeting on October 29, potentially lowering the federal funds rate to a range of 3.75%–4.00% [5] - Bitcoin has seen a significant increase of 9% in October, reaching a new all-time high of $126,000 [5]

Group 1 - Bitcoin, gold, and silver prices are reaching all-time highs as demand for hard assets increases amid the decline of the US dollar, which has lost 10% of its value since the beginning of 2025 [1][5] - Citadel CEO Ken Griffin highlighted that investors are moving away from the US dollar, viewing gold as a safer asset, and are seeking to de-dollarize their portfolios due to US sovereign risk [2][3] - The US dollar's dominance as a reserve currency has fallen to 56.3% in Q2 2025, the lowest level since 1994, with a potential drop below 50% within five years if the current trend continues [4][5] Group 2 - The ongoing Bitcoin price rally, which has surpassed $126,000, is accompanied by significant inflows into spot Bitcoin ETFs, with BlackRock's IBIT seeing nearly $1 billion in inflows on October 6 [2][6] - Analysts note that the simultaneous rise in various asset classes, including safe havens and risky assets, is attributed to the declining value of the US dollar, which is on track for its worst year in over 40 years [5]