Nasdaq to underperform gold after topping
The Nasdaq priced in gold ounces has reached a major macro top and is poised for a structural reversal to the downside.
The argument
The speaker argued that the stock market is currently at its most expensive valuation in history, driven by AI hype. While nominal prices have risen, the Nasdaq-to-gold ratio shows a violent reversal pattern, suggesting gold will substantially outperform equities going forward.
The thesis, stress-tested
✓ What validates it
- ✓Nasdaq/Gold ratio breaking below recent quarterly support levels
▸ Risks discussed
- ▸Short-term momentum in AI and tech IPOs could extend the nominal stock rally
Hear it yourself
"in lieu of the passive buying, BlackRock, Vanguard. You know, everybody saves in these passive buying. There's a lot that's been discussed around that. Is it the ringing of the bell for the the, you know, the high? It's not since 2000. Did you have this level of scale, in terms of how much, you have, you know, activity wise and market caps and everything. So, I mean, it's all it's all very, giddy times. The thing that's really popping for me is that you have a smaller, call it a kindergarten area for the same AI boom."
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