US equity markets kept breaking records in the third quarter, yet with a record 91% of fund managers believing US stocks are overvalued (BofA Fund Manager Survey), this may be one of the most hated rallies on record. As Peter Lynch once warned, far more money has been lost by investors trying to anticipate corrections than lost in the corrections themselves.

Gold is shining brighter than ever. After delivering a 27% gain in 2024, it has carried its momentum into 2025, climbing higher each week and setting new records. This powerful rally leaves investors wondering how much upside remains for bullion.

From sky-high tariffs to bunker-busting bombs, the second quarter of 2025 built a new wall of worries. By the book, investors should have adopted a risk-off stance. Yet global equities moved towards record highs while the dollar tumbled to its lowest level in three years, another reminder that trading on headlines is rarely a profitable strategy.