US households have reached an all-time high allocation to equities, with approximately 43.4% of their portfolios invested in stocks, surpassing the 38.4% peak during the 2000 Dot-Com Bubble. Concurrently, allocations to cash and bonds remain at historically low levels. Retail investors have been a driving force in the market, purchasing a record $50 billion in US equities since April 8, 2025, and maintaining a 36% share of the stock market as of late April, more than triple the 10-year average of 12%. This buying streak has extended for 21 consecutive weeks, the longest ever recorded, doubling the previous record of 10 weeks before the 2022 bear market. However, recent data from Bank of America indicates retail investors bought $2 billion in stocks over four weeks while hedge funds sold $1.5 billion, with JPMorgan cautioning that retail dip-buying may be fading in May. Hedge funds have reached peak leverage levels, with significant net buying and low put protection, signaling aggressive positioning. Meanwhile, global leveraged equity funds have seen about $14 billion in net inflows over two weeks, with over half directed to US leveraged long ETFs. In the gold market, China's central bank purchased approximately 70,000 ounces in April, bringing total holdings to a record 73.77 million ounces, representing about 8% of its currency reserves. Since 2022, China's gold reserves have increased by around 11 million ounces. Central banks in developed and emerging markets have doubled their gold holdings since October 2022, with developed market central banks holding $1.3 trillion and emerging markets $800 billion in gold. Gold funds are projected to see record inflows of $85 billion in 2025. Major Chinese gold producers are actively seeking acquisitions globally to secure physical gold amid rising debt levels. In terms of fund flows, US stocks are on track for $416 billion of inflows in 2025, the second-largest year after 2024, with US large-cap funds expected to reach a record $521 billion of inflows. Conversely, small-cap funds face their largest outflow ever in 2025, and real estate funds are set for a record $25 billion outflow. European equity funds are experiencing their largest annual inflow in a decade.