金が3,200ドルを突破も天井示唆？決算シーズン突入しトランプ相場に慣れ、日経平均は一転リスクオン相場の可能性も_2025/4/11相場雑感

金が3,200ドルを突破し、金安全神話がささやかれるもモメンタムは限界か。S＆Pとのモメンタム乖離も大きく、株式への資金巻き戻しの可能性も。トランプ関税で大荒れしたものの、減税発言がトランプ大統領から漏れ出しており、日本では参議院選挙前の現金支給の話題もあることから、一転してリスクオン相場になるシナリオも想定。内需株によるセクターローテーションが円高株高を生むか注目。___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.