It's impossible to trade on the short term. We are slightly underweight US stocks. The S&P 500 P/E has derated from 23 to 20. We look for opportunities elsewhere pricing closer to our scenario.

Within developed markets, the US is our preferred region due to earnings power, but we are underweight because upside potential is limited.

Our scenario is still for at least one rate cut this year. Inflation driven by oil is broad, but we will go through it. The question will be labor market strength, and the Fed would rationally consider cuts.

Yes. During escalation, US assets and the dollar do better. In de-escalation, we go back to the secular trend of rebalancing away from the dollar towards gold and EM assets.

We took profits on gold in early March when geopolitics flared up. We bought it back last week. We have a fair value of $5,200-$5,400 by year-end. There are still long-term buyers.

Mentions that Turkish gold sales were easily absorbed by the market.