"Old Bond King" Gross: Gold Has Become a Meme Asset, Regional Bank Crisis Impact Will Persist

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"Old Bond King" Bill Gross issued a warning, saying that gold has become a "momentum/meme asset" and advised potential buyers to "wait a little longer." He also pointed out that credit issues at regional banks may continue to affect the stock and bond markets, and believes that the 10-year U.S. Treasury yield is unlikely to fall below 4%.

On October 17, according to media reports, Gross warned in a post on social media platform X,

"The 'cockroaches' in regional banks may continue to affect stocks and bonds."

Recently, loan fraud cases disclosed by two U.S. regional banks have sparked market panic. Zions disclosed on Thursday that it had set aside $60 million in provisions for two loans and written off $50 million, a loss equivalent to 5% of its market-expected earnings for 2025.

Court documents show that this is the third suspected fraud case exposed within a month and a half, following First Brands and Tricolor, confirming recent warnings from JPMorgan CEO Jamie Dimon. Dimon said: "When you see one cockroach, there are likely more."

Gross also said on Friday that the U.S. economy is slowing and the growth rate will soon fall back to 1%, but due to an oversupply of U.S. treasuries and government fiscal deficit issues,the yield on 10-year U.S. Treasuries will not fall below 4%, and should be close to 4.5%.

On the day Gross made these comments, during the Asian session on Friday, gold continued to set a record high, with spot gold approaching $4,380, but during the European session stocks fell, and in the early U.S. session stocks hit new lows for the day. After Gross's remarks, spot gold remained down more than 2% during the session, hovering below $4,250.

Risk warning and disclaimerThe market involves risk, investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the individual user's investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article suit their particular circumstances. Investing on this basis is at your own risk. ```