To The Moon

Key TakeawaysJP Morgan analysts Zander Brown observe investors prioritizing gold over Bitcoin as a safe-haven during the recent market.Gold ETFs attracted significant net inflows ($21.1 billion in Q1 2025), while Bitcoin ETFs experienced three consecutive months of outflows.Factors like the global trade war and economic downturn concerns are pushing investors towards the perceived safety of gold.JP Morgan: Investors Prefer Gold Over Bitcoin as a Safe-HavenIs Bitcoin losing its appeal as a safe-haven asset? Amid market turbulence, gold is being chosen over Bitcoin as a safe haven by investors, raising questions about its “digital gold” narrative, as stated by JP Morgan analysts in a report on Thursday. While gold ETFs saw massive inflows, Bitcoin faced declining interest, prompting a closer

iQIYI, Inc. ( $iQiyi Inc.(IQ)$ , HOLD)1Q25 Preview and Model Updates; Source: US Tiger Securities ResearchWe are maintaining our HOLD rating but decreasing PT to $2 (was $2.5) as we fine-tune our estimates ahead of 1Q earnings.Our 1Q membership revenue estimate remains largely unchanged. However, we are lowering our advertising revenue estimate by 7%, reflecting softer-than-expected brand advertising demand. Conversely, we are raising revenue estimates for content distribution and "Other" segments, as some content was pulled forward into 1Q, and one of the company’s mobile games showed notable strength during the quarter. As a result, our total revenue estimate remains broadly unchanged.Source: US Tiger Securities ResearchSource: US Tiger Securities

As volatility returns today, with the $NASDAQ 100(NDX)$ down over -3%, gold has surged by another +$100/oz. Meanwhile, the US Dollar index, $ $USD Index(USDindex.FOREX)$ , is pushing below 100 for the first time since September 2024. If equities revisit their lows, $Gold - main 2506(GCmain)$ could surge well above $3,500/oz. By@KobeissiLetterHeading into this week, our premium members took shorts in the $S&P 500(.SPX)$ . We called for a drop below 5325 which was just crossed. Gold has been a key leading indicator for all risky assets.Gold is trading like we are in a depression: Over the last 20 years,

$Gold - main 2506(GCmain)$ has been on a tear. It recently skyrocketed above $3,000 per ounce after a blistering rally last year.But most folks misunderstand the current rally. That's because it wasn't retail investors driving the gold price boom... It was the central banks.Central banks bought 18 tonnes of gold in January alone. This continues the trend from 2024, when central banks added 1,045 tonnes to their reserves.Last year wasn't a one-off, either. Central banks more than doubled their gold-buying in 2023 from the two years prior. And while some institutions pause purchases from time to time, others tend to pick up the slack.This trend is changing, though. Now, retail investors are beginning to buy. And as I'll share today, that's anoth

Former US Secretary of State Blinken commented on the tariff policy: The world will no longer trust the United States, which is not good for us.A weakening US dollar and 145% tariffs will be a double whammy for US consumers.Why is the $USD Index(USDindex.FOREX)$ 's downward trend so important for $Gold - main 2506(GCmain)$ investors? Because of its inverse correlation with gold price Indeed, when the world's reserve currency is doing poorly, gold plays its role as store of value Below: $DXY VS M2-adjusted gold (inverted scale) @ValueSeeker_The DXY is currently revering towards its Purchasing Power Parity, after years of overvaluation.@ValueSeeker_The DXY is now breaking its multi-year suport

Market volatility has been extreme over the past few days. Over the previous two weeks, the $S&P 500(.SPX)$ declined more than 10% — a move that, statistically, falls outside a 3-sigma event. If we include Monday’s opening drop, it reached the magnitude of a 5-sigma event.Yesterday, the $S&P 500(.SPX)$ saw an intraday swing of more than 7% within just 30 minutes, triggered by a false news report. Today, markets continued to whipsaw. The $Cboe Volatility Index(VIX)$ remains above 50 and has stayed above 40 for three consecutive days — itself an extreme occurrence.Historically, such events are often followed by a short-term reversal (with a historical probab

Trump's tariff policies have had significant impacts on the secondary market.Read more>>Greg Boland:The long and short of it: Q1 ends with ‘Liberation Day’ and plenty of red ink @OptionskiwiWhat You Should Know About Trump’s Tariffs by @Tiger_James OoiQuick Thoughts on Trump’s Tariffs @Tiger_James OoiThe Impact of Trump Tariffs on US. ETF Performa

After the recent rebound, the $S&P 500(.SPX)$ has returned to levels similar to those seen just before Trump won the U.S. election last November. In effect, after a "Trump rally" that priced in the positives—such as deregulation and tax cuts—and the recent pullback that began to price in risks like tariffs, deficit reduction, immigration restrictions, and broader policy uncertainty, the market has round-tripped to where it started.To be honest, the potential announcement of tariffs on April 2nd. Intuitively, if the market continues to rally leading into April 2, then the reaction will likely depend on whether the tariff measures exceed or fall short of expectations. But if the market pulls back again before that date, the tariff announcement m

( $PDD Holdings Inc(PDD)$ , HOLD) - Slowing Growth and Rising Investments Create Near-Term Uncertainty; Downgrading to HOLD We are downgrading PDD to HOLD but maintaining our price target of $130 (unchanged) following below-consensus 4Q revenue and profit performance. 4Q revenue grew 24% y/y, decelerating from 44% in 3Q, and was 2%/3% below Tiger/Street.Revenue missed. By segment, online marketing services revenue increased 17% y/y, compared to 24% in 3Q, marking a slowdown relative to domestic peers. This segment came in 1% above Tiger/Street. Transaction services revenue grew 33% year-over-year, a sharp deceleration from 72% in the previous quarter, and was 5% below Tiger and 7% below the Street, likely due to tougher comp for Temu and slowi

$TENCENT(00700)$ -HK, BUY) - Solid 4Q Results Driven by Robust Games and Ads; Momentum Set to Continue in 2025; Maintain BUY and Increase PT to HK$590We maintain our BUY rating and increase our price target to HK$590 (previously HK$450) after Tencent reported largely in-line 4Q24 results, with revenue and profitability slightly ahead consensus. Total revenue grew 11% y/y to RMB172.4B, exceeding consensus by 3%, primarily driven by stronger-than-expected VAS and ad segments.Domestic game revenue accelerated to +23% y/y in 4Q24 (vs. +14% y/y in 3Q24), driven by robust performance from key evergreen titles including Honour of Kings, Peacekeeper Elite, and VALORANT, along with solid contributions from new launches like DnF Mobile and Delta Force. Int