Gold Breaks Above $3,200 – A Sign of a Peak? As Earnings Season Begins, Market Gets Used to Trump Policies; Nikkei May Shift to Risk-On Mode – Market Thoughts for April 11, 2025

Gold surpasses $3,200, sparking whispers of the "Gold Safe Haven Myth," but momentum may be hitting its limit. The divergence in momentum between gold and the S&P is widening, raising the possibility of a capital reversal back into equities. Although the Trump tariffs caused significant market turmoil, remarks about potential tax cuts are reportedly leaking from President Trump. In Japan, there is also talk of cash payments ahead of the House of Councillors election, suggesting a possible shift toward a risk-on market scenario. Attention is on whether sector rotation driven by domestic-demand stocks could lead to a combination of yen appreciation and rising stock prices.___I am Japanese.This is English version.