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The Market in Five Charts: November 2025

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Pitcairn Insights

November 4, 2025

Pitcairn’s annual client event in New York City last week was electric — our first time hosting in Manhattan, and the energy in the room matched the momentum we’re seeing in the markets.

In this month’s Market in Five Charts, Chairman and Chief Global Strategist Rick Pitcairn recaps the big ideas that had everyone talking:

📈 Are we in an AI bubble?
Valuations are elevated, but not near the extremes of 1999. Momentum remains powerful, and markets continue to push through negative headlines.

🥇 The real bubble might be in gold.
Strategas Partner Chris Verrone noted gold’s recent parabolic rise — its steepest stretch above its 200-day moving average since 2006 — suggesting a short-term pullback may be due, even as long-term fundamentals stay strong.

📊 When gold and stocks rise together.
Chris’s research shows that when both move up in tandem, equities often continue to advance even as gold cools. With the S&P 500 up sharply since April, history suggests there could still be room to run.

💰 Rethinking debt and money.
Geopolitical expert Dr. Pippa Malmgren offered a fascinating look at how digital currencies and stablecoins could eventually reshape the global financial system — and even help address sovereign debt challenges.

Despite ongoing concerns around valuations, debt, and geopolitics, our outlook remains cautiously optimistic. The technological transformation unfolding today continues to create opportunities for investors willing to stay disciplined and long-term focused.

 

 

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