[Analysis: U.S. Stock Market Bubble May Surpass 1929, S&P 500 Could Face Extreme Correction, Gold and Silver as Safe-Haven Assets] BlockBeats News, July 27, veteran macroeconomist and Goldmoney research director Alasdair Macleod issued a warning that the current valuation bubble in the U.S. stock market may have exceeded the levels seen before the Great Depression in 1929, with financial markets facing the risk of an 'ultimate total collapse.' Macleod stated that the imbalance in the U.S. Treasury market's supply and demand, reduced allocations by overseas buyers, and rising U.S. debt pressures could drive Treasury yields higher, ultimately impacting U.S. stock valuations. He believes that if market confidence reverses, the S&P 500 index could face a value retracement of over 90%. The scale of U.S. debt continues to climb, with approximately $10 trillion to $11 trillion in financing and refinancing pressures expected over the next 12 months. As buyers of U.S. Treasuries decrease, the Federal Reserve may be forced to stabilize the market through balance sheet expansion and money printing, further eroding the purchasing power of fiat currency. Macleod argues that modern financial assets fundamentally rely on the credit system, with stocks, bank deposits, and U.S. dollar cash all carrying a certain degree of counterparty risk. In contrast, gold and silver, as physical assets not dependent on government credit, may become safe-haven choices in an environment of extreme financial risk.