As long as the US stock market keeps going up - Record-setting copper and Bitcoin in 1H may be nails to beta's hammer in 2H. I see an inordinate burden for the S&P 500 to keep going up in 2025, and gold outpacing virtually all assets in 1H could be front-running a pullback in beta. If US stocks keep rallying, the store of value may face headwinds. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/sy5g27dwlu68 {BI COMD} #gold #stockmarket #macroeconomics @BBGIntelligence