The real gold trade has begun

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After peaking above $5,000/oz earlier this year, gold is now hovering around $4,500, well off its January highs and stuck in a volatile range as investors try to handicap Middle East tensions, oil shocks, inflation data, and the next Fed move.

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The AI Trade's Fragility Problem

Everybody loved leverage. Everybody loved AI. Everybody loved selling volatility. Then Friday happened.

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The Dip-Buyers' Survival Guide

Fundamental hedge funds aren't max long, corporate America is still buying stock hand over fist and the historical analogs remain annoyingly optimistic.
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