📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
CandyDrop × Succinct (PROVE) — Trade to share 200,000 PROVE 👉 https://www.gate.com/announcements/article/46469
Futures Lucky Draw Challenge: Guaranteed 1 PROVE Airdrop per User 👉 https://www.gate.com/announcements/article/46491
🎁 Endless creativity · Rewards keep coming — Post to share 300 PROVE!
📅 Event PeriodAugust 12, 2025, 04:00 – August 17, 2025, 16:00 UTC
📌 How to Participate
1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ
Goldman Strategist Favors Gold, Silver, and Bitcoin as ‘Stores-of-Value’ Amid Market Swings
Goldman Sachs’ Tony Pasquariello maintains a core portfolio strategy favoring U.S. tech stocks, traditional and digital “stores-of-value” like bitcoin, a modest dollar short, and global curve steepeners despite recent market volatility.
Goldman Hedge Fund Chief Sees 3 ‘Stores-of-Value’ Holding Key Role in Portfolio Mix
According to Pasquariello’s insights shared by Zerohedge, the global head of hedge fund coverage detailed his framework following a week where the S&P 500 recovered its prior sell-off and the Nasdaq (NDX) hit a new all-time high. He attributes market resilience to continued artificial intelligence (AI) momentum, healthy capital flows, and the distinction between the stock market and the underlying economy, where concerns about slowing job growth persist.
Central to his recommended position is being “long stores-of-value (gold/silver/ BTC).” This component acts as a hedge within his broader “long, with a hedge” approach for the second half of 2025. The inclusion of gold, silver, and bitcoin (BTC) reflects a strategy designed to navigate uncertainty, including a “twitchy, erratic” summer trading environment with deteriorating market depth.
The overall strategy consists of four pillars: long U.S. equities (tech-biased), long these three stores-of-value, short the U.S. dollar in modest size, and long curve steepeners applied globally. Pasquariello further noted that while individual parts may underperform weekly – like the dollar last week or steepeners this week – the composite approach remains his “preferred bulwark.”
He acknowledges near-term challenges, expecting August consolidation and tricky September technicals following significant market re-risking. However, he believes the primary trend for U.S. equities, particularly tech stocks driving earnings growth, remains higher for H2 2025. The strategy balances this bullishness on tech with the defensive qualities of precious metals and cryptocurrency assets.
Pasquariello emphasizes monitoring the U.S. labor market slowdown and positioning risks, especially from systematic traders. Yet, he concludes the identified mix, with stores-of-value playing a crucial role, continues to hold up as the optimal framework for current conditions, justifying the cost of hedging for stability.