Expects December to be similar to history; Fed likely to cut, which is supportive. November selloff/crypto correction overextrapolated; short-term positioning signals (VIX futures, put/call ratio) now in buy territory, suggesting all clear for year-end rally.

Absolutely 100% risk-on. November dip is the non-fundamental dip investors were waiting for, unlike dips driven by poor earnings.

High-frequency consumption data (Chicago Fed cards, weekly retail sales, Visa spending, Black Friday) shows US consumer resilient and likely looked through shutdown noise. Q4 earnings estimates have been slashed, creating setup where consensus is questioning earnings.

Recent events show gold is more positive than crypto for hedging dollar/debasement risks. Precious metals are better hedge due to lower volatility and fewer regulatory headwinds.