$Abrdn Gold ETF Trust(SGOL.US)

A correct analysis by Mandy Xu

Time: 2022

Bullish on gold, avoiding premature bets on rate cuts: During the market turmoil from late 2022 to early 2023, she advised clients to prefer gold and warned against betting too early that interest rates would fall quickly, as the inflation and interest rate environment proved more resilient than the market expected.

Buying gold over tech stocks: She once analyzed in detail the correlation between "real interest rates" and various asset classes, pointing out that if real interest rates fell further, gold would be a more valuable investment than tech stocks, as the negative correlation between tech stocks and interest rates had reached extreme levels at that time.

Entering 2026, she observes that the market is undergoing a "regime shift." The shock power of macro data (such as CPI, Fed rate path) on the market is weakening, and investors are instead focusing on idiosyncratic risks, such as geopolitical situations (Venezuela, etc.) and the specific profit performance of the AI industry.