The end of 2025 may prove pivotal. My view is the S&P 500 must maintain its gains, or else. A down year for beta would counter consensus and could spark a next big trade favoring US Treasuries, on the back of record-setting gold. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t0mc2ogpfho6 {BI COMD} #gold #bitcoin #stockmarket @BBGIntelligence(Mike McGlone)