#大户持仓动态 On Wednesday, the US stock market continued to weaken, with the Nasdaq down 1.2% and the S&P 500 down 0.8%, while gold defied the trend and rose 0.7% to $4333 per ounce.

In terms of economic data, the US added 64,000 non-farm jobs in November, exceeding the expected 50,000, but the unemployment rate rose to 4.6%, reaching a high not seen since September 2021. This signal is somewhat subtle. The new generation of Federal Reserve candidates generally favors large-scale rate cuts, aligning with current policy expectations.

Gold performed remarkably well. Over the past year, it has increased by nearly 100%, with substantial institutional funds flowing from the crypto market into gold as a safe haven. This is the most obvious capital shift of the year. Institutions generally expect gold to rise about 20% next year. Although the growth rate may slow, the short-term siphoning effect still exists—cryptocurrencies like $BTC, $ETH, etc., will need to wait for a window of capital rotation.

The Bank of Japan's rate hike is worth watching. The market has already priced in a 98% probability of a rate increase, meaning most of the negative impact has been absorbed in advance. However, risks should not be ignored. If the Bank of Japan signals further rate hikes (market expects one more in summer next year), it could again shock the market.

The US CPI data released on Thursday evening is crucial—if CPI declines, it is positive; if it rises, it could trigger a chain reaction. Stay alert and manage risks.