Ann: Change in substantial holding, page-16

And the Fed's pivot has only just started, how will it unfold for gold and RED over the next couple of months and 2-3 years?

As the situation plays out it makes sense to adjust one's investment thesis as the facts unfold. For example, the soft landing scenario may occur. Coincidentally the Dow hit a new record overnight on confirmation of the Fed's pivot, which suggests the broader marker sees the soft landing scenario as more likely and contradicts the recession and crash that many are predicting. Call me panglossian, but the latest indicators do appear to support the soft landing scenario.