in what specific markets? Because if you take out the Big-6 techs and Gold/Silver miners there has been plenty plenty of nose-bleed losses in stocks already this year, with more to come.
The stock market is now a scam, people are pumping amazon, Tesla and ESG stocks which doesn’t give any returns or dividends, it’s all “imagined value”. Not real. Some of the NG companies rebranded themselves as renewable energy and the stock price goes up multiple folds. On the other hand, the hard asset commodities companies with real money in the ground for going for a bargain. I’m mostly only buying hard asset companies so no banks, airlines, ESG and tech.
This is exactly how the non-divvie, non-return PM's are valued - imagined or "perceived" value. Ironically, rather than being pumped, PM pundits reckon the metal markets are a scam (manipulated) because prices aren't high enough. Regardless, every market is valued by collective subjective notions of perceived potential - or imagined value.
I find the 'perceived value' of banknotes the most transparent because someone had the foresight to print the exact value on each and every one of them!