大宗商品货币与全球增长

Good point. I've been watching that gold strength too. Could definitely be a leading indicator for a slowdown not yet fully baked into equities.

It's a valid question. The smart money often moves into physical assets before the broader market reacts. Definitely worth keeping an eye on.

I'm not so sure the divergence is that stark. Equities are still pretty high, but the underlying sentiment has definitely shifted towards caution.

The equity market is forward-looking, but it's also prone to irrational exuberance. Gold might be the more 'rational' assessment right now.