The points made by my friends are reasonable, but they overlook that during the early stages of a general recession, due to credit contraction and deleveraging, investors need cash to meet margin calls or cover losses, leading to cash liquidation. For example, this was the case in the early stages of the 2008 financial crisis, when gold, U.S. stocks, and oil all fell together.

It is often only in the later stages of the Federal Reserve's interest rate cuts, when quantitative easing begins, the dollar weakens, and interest rates decline, that gold starts to rise again as a safe haven. Of course, this does not mean that we are definitely in a recession right now; it is merely a prediction based on current trends, and my viewpoint may not necessarily be correct.

In simpler terms, gold is not 100% the opposite of U.S. stocks. It's like selling a house to avoid a margin call; gold is also an asset that can be liquidated during extreme market conditions.

This article is sponsored by #Bitget ｜ @Bitget_zh

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