To The Moon

1.Live Review Introduction

Review Live >>

Tiger Brokers livestream hosted by Vyann, featuring Ross Dong, Founder of Gongxing Academy and Partner at Morning Cloud Asset Management. Closing out the session, Ross turned to gold's positioning-driven rally and took audience questions on portfolio construction, institutional data, and where markets go from here.

Disclaimer: The views expressed are those of the guest speaker and do not represent the official views of Tiger Brokers or its affiliates. This content is strictly for education and discussion purposes and does not constitute financial advice.

Catch up on the full recap series

• Live Recap 1: A Less Transparent Fed, a Treasury "Twist," and a 30-Year Yield Last Seen in 2007

• Live Recap 2: US Equities Are Expensive — But Are They Priced for Perfection?

• Live Recap 3: Inside the Situational Awareness Unwind — And Why Nvidia's Multiple Just Got Cheaper

2.Gold Positioning Is Turning Bullish Again — and Crowded

Call-minus-put open interest on gold has surged to roughly 2.4–2.5 million contracts, nearly three times the 2021–2024 average of ~0.8 million. After peaking near 2.8 million earlier in the year and pulling back on hawkish Fed repricing post-Middle East conflict, positioning has re-accelerated since June/July, coinciding with renewed JPY-intervention concerns. Ross flagged this as both a sign of strong demand and a warning that sentiment is getting crowded, which could add short-term volatility.

3.The Treasury Buyback Was One of the Biggest "Debasement Trade" Days of 2026

Measured via an aggregate daily Z-score across gold, Bitcoin and the Swiss franc, the Treasury buyback announcement triggered a move of nearly +9 standard deviations — larger even than the reaction to the earlier NY Fed USD/JPY rate check. Ross linked this to concerns about currency debasement, fiscal dominance, and declining confidence in fiat assets, all structurally supportive for gold.

4.How Ross Is Actually Positioned

Asked how he'd build a portfolio today, Ross described a roughly 50/50 tech-and-AI vs. traditional-value split for himself, and suggested retail investors consider something like 60% tech, 40% traditional value, with ~10% in commodities (gold weighted more heavily than Bitcoin or Treasuries). Within AI, he favors TSMC and Intel; in traditional value, financials (Goldman Sachs, Morgan Stanley) for AI-driven cost efficiencies, plus healthcare names (Merck, Pfizer, Moderna). His reasoning: a 100%-AI portfolio would have meant living through July's sharp drawdown unhedged.

5.Q&A Highlights

• On institutional 13F data being 45 days stale: still worth watching, Ross said, but "sometimes they're dumb money too" — SPX/SPY/QQQ option traders tend to be less informed than VIX option traders; positioning is one input, not the whole picture.

• On which under-owned AI names have the most catch-up potential: beyond $NVIDIA(NVDA)$, Ross pointed to CPU names ( $Broadcom(AVGO)$, $Intel(INTC)$, $Advanced Micro Devices(AMD)$, $ARM Holdings(ARM)$) and networking-equipment names ( $Cisco(CSCO)$, $Marvell Technology(MRVL)$, $Amphenol(APH)$).

• On whether AI capex getting revised down would matter: he doesn't see anyone pulling back capex — the real question is ROIC, not capex size.

• On US valuations being "priced for perfection": Ross takes a top-down view — with no major yield, liquidity or geopolitical risk currently visible over the next three months, he'd treat an SPX dip toward 7,300–7,500 as a buying opportunity, with upside resuming in Q4 2026.

Closing Takeaway

Gold's rally is well-supported by real demand for debasement hedges, but positioning is already crowded — a reminder that even a well-supported thesis can see sharp swings. Ross's broader message throughout the Q&A: stay diversified across AI, traditional value and hard assets rather than betting the portfolio on any single theme.

6.Risk Reminder

Gold, currency and commodity markets can be highly volatile around macro catalysts and central bank policy shifts. Viewers without sufficient foundational knowledge are advised to complete education modules before initiating live positions.

7.Post-Event Resources

Follow Ross Dong on YouTube (TMI Partner, @tmi_invest), Tothemoon (Ross_Macro_Trading), X (@RossDongRD), or via tmipartner.com. The full livestream replay is available on the Tiger Trade app.