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<p>In this year's strong market environment, the phenomenon of gold, dividends, and growth stocks rising together has attracted attention. Typically, these three types of assets have different pricing logic: gold reflects safe-haven value, dividends perform well in deflationary environments, while growth stocks perform well in inflationary conditions and when risk appetite is high. However, this year's market performance has broken this convention, showing a simultaneous rise of deflationary and inflationary assets, suggesting that traditional asset pricing frameworks may be failing</p>

- The article discusses the unusual performance of various asset classes, including gold, dividends, and growth stocks, which have all risen simultaneously in 2025, defying traditional inflation and deflation frameworks.  
- It suggests that external factors, such as geopolitical tensions and changes in the global monetary system, have influenced asset pricing beyond conventional economic theories.  
- The authors propose using a credit cycle framework to better understand these dynamics and predict future asset performance, emphasizing the importance of policy actions in shaping market trends.

Gold, dividends, and growth all rise together. How to understand this abnormal phenomenon?