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TOM LEE: GOLD ISN’T SCREAMING “RUN” -- IT’S WHISPERING “RISK IS COMING BACK”
He says the surge in gold and metals isn’t a warning sign for stocks, it’s actually a setup.
Gold ripping = dollar weakness + dovish central banks + geopolitical stress. Those same forces usually help asset prices, not hurt them.
A weaker dollar boosts earnings for big multinationals. Earnings growth is already accelerating and valuations have compressed -- meaning stocks aren’t priced for good news yet.
Gold’s move may be a preview of risk appetite rotating back into equities, not the end of the cycle.
Short-term noise? Sure, but he’s still pointing toward higher highs into year-end -- even floating S&P 7,700.
Gold isn’t stealing oxygen forever, it’s setting the stage.
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