The Crisis Signal Behind Asset Prices Soaring to New Highs

Recently, the market performance has been truly exuberant—stocks hitting record highs, gold breaking new records, silver and copper prices also making headlines, and even money market funds benefiting. Global markets have been on a strong upward trend, with many shouting "The second half of the bull market is here," as if opportunities are everywhere.

But this is precisely the moment to stay most vigilant.

Historically, synchronized asset rallies often signal an overheated market. Newton is a classic example—he went all-in during the peak of the South Sea Bubble and ultimately lost everything. When all assets hit new highs simultaneously, the market’s pricing mechanism has already become distorted, and risks are hidden beneath the prosperity. Greedy emotions tend to amplify, while rational voices are drowned out.

What’s next? No one can say for sure. But history never repeats exactly; it only rhymes. At this moment, caution is more valuable than optimism.