#BTC对标贵金属的竞争格局 Recently, the fluctuations of gold, the US dollar, and bonds in this market trend are quite interesting.

You see, the exchange rate fluctuations, commodities, and bond prices are all shaking violently right now, and traders are practically in their element. Trump's trade war caused the dollar to drop significantly; long-term bonds experienced a wave of selling; and gold, on the other hand, just kept rising endlessly. This has created the best opportunity for macro hedge funds since 2008.

Where does the money come from? It's mainly earned through trading in three markets: the US dollar, gold, and US Treasury bonds. Some fund managers are stubbornly shorting the dollar, that is, making money by betting against it; at the same time, they are also looking to invest in emerging market currencies and bonds, hoping to profit from exchange rates and interest rate differentials.

The precious metals market is extremely hot right now, with gold prices continuously rising, while the US dollar has instead fallen into a bear market. Interestingly, there is a clear divergence in the policy actions of central banks like the Bank of England and the Federal Reserve — one raises interest rates while the other lowers them, each playing their own game — which has further intensified the volatility of exchange rates and commodity prices.

Some traders are still pondering the opportunity of "steepening the yield curve" and are focusing on commodities like gold and copper. In short, this environment is a godsend for funds that can adapt flexibly and sense macro changes.