Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, personal analysis, and third-party content intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Insights - A Deutsche Bank study suggests that Bitcoin could coexist with gold in central bank reserves by 2030, highlighting their roles as "complementary diversifications" while emphasizing the continued dominance of the US dollar [1][2]. Group 1: Gold's Position - Gold prices surged to an all-time high of $3,783 per ounce in September, driven by central bank purchases and geopolitical risks [2]. - Central bank demand for gold has increased for five consecutive quarters, marking the longest stretch since the 1970s [3]. - Gold is perceived as a safe haven during times of fear, contributing to its sustained demand and price increases [3]. Group 2: Bitcoin's Potential - Bitcoin remains more volatile than gold but has shown significant momentum, with prices reaching $123,500 in August and a 22.7% gain over the past 12 months compared to gold [4]. - The advantages of Bitcoin include capped supply, independence from government control, and ease of verification, making it attractive for private reserves and alternative funds amid inflation concerns [4]. Group 3: Central Banks and Market Influence - Central banks play a crucial role in managing reserves and influencing global markets, and even small Bitcoin allocations could lead to trillions in new institutional flows [7].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Investors should prepare for continued market volatility and hold their convictions loosely while maintaining tight stop-losses [1] - The narrative around the global outlook has shifted, with expectations for the EUR to strengthen against the USD, targeting 1.20 [4][61] - Tariffs are raising prices and harming consumer confidence, which may lead to adverse economic impacts before any easing from the Federal Reserve takes effect [10][62] - The supply of global fixed income safe havens is at multi-decade lows, while demand for them is at local highs [10][32] - A gradual reduction in foreign investor exposure to US equities is observed, while fixed income exposure remains stable [46][71] Summary by Sections Global Macro Strategy - The US administration's trade policy is causing uncertainty, and the perceived 'master plan' may not effectively mitigate economic pain from tariffs [11][12] - Consumer and CEO confidence have declined, indicating potential economic slowdown [13][22] US Rates Strategy - Concerns about liquidity in funding markets are rising, with pressures expected to persist due to tax collections [6][62] - The report suggests staying short on certain securities as market conditions remain fragile [59] Euro Area Rates Strategy - A shift to a received 5y5y real yield position is recommended, as Europe is viewed as a safer haven asset [5][60] G10 FX Strategy - A new tracker for US outflows from foreign investors has been introduced, indicating a trend of reduced exposure to US equities [7][44] - The DXY is expected to decline as foreign investors continue to reduce their US asset exposure, particularly benefiting the EUR [44][71] Safe Haven Analysis - The report highlights a significant drop in AAA/Aaa rated bonds globally, exacerbated by the recent downgrade of US long-term debt [32][33] - Investors have fewer safe-haven options outside US Treasuries, which may become more pronounced if the macro environment deteriorates [38][39]