Tesla’s $30T Gamble – Fragile Liquidity – Russell’s AI Rally

● Musk’s Gamble Tesla’s Fate-Defining Shareholder Meeting, Launchpad for 30 Trillion Valuation Challenge

Musk’s Last Gamble: Why the November 6th Shareholder Meeting is the Starting Point for Tesla’s Fate and its $30 Trillion Market Cap Challenge — Key Takeaways from This Article

This article provides a step-by-step breakdown of the voting issues at Tesla’s shareholder meeting (compensation, governance, Master Plan 4) and their practical implications.It presents a numerical and business verification of whether Master Plan 4 can truly create a “$30 trillion market cap.”It analyzes the hidden signals in the robotaxi race with Uber that the news overlooks (CEO’s stock sale, network vs. asset model).It summarizes the impact of product and safety issues (Roadster delays, flush door handle investigation) and regulatory risks on Tesla’s valuation.Furthermore, it focuses on a critical point often missed by other media outlets: the “technical variables of voting rights exercise (broker non-votes, ISS/Glass Lewis recommendations, options/dilution structures).”

1) November 6th Shareholder Meeting (Key Agenda Items) — One Vote Can Change the Company’s Direction

The shareholder meeting agenda can be broadly categorized into three pillars:First, the approval of the new performance-based compensation package proposed for Elon Musk.Second, the board’s approval and execution roadmap for Master Plan 4 (a major strategic shift).Third, proposed changes related to governance restructuring and the board’s authority structure.

This vote is not merely about confirming compensation.It is a referendum on CEO leadership’s legitimacy and an endorsement of the next decade’s strategy (transitioning from an auto company to an AI, robotics, energy, and data company).If the shareholder vote passes, Musk will secure the legal and financial incentives and the authority to accelerate aggressive execution.If it fails, the legitimacy of the strategic execution will be shaken, and institutional investors may intensify their scrutiny and explore alternatives.

2) Practical Variables of the Vote — “The Art of Voting” That News Often Misses

The Impact of Broker Non-VotesMany retail investors delegate their votes to securities firms, but if processed as “broker non-votes,” they are excluded from the vote count.This item can be decisive in cases where institutional decision-making is close.

The Influence of ISS and Glass Lewis RecommendationsLarge institutions consider the recommendations of these advisory firms.If the recommendation leans towards opposition, the balance of institutional votes can shift dramatically.

Shareholder Composition and Internal SignalsElon Musk’s personal holdings, a board composed of founder-friendly directors, and the stance of large passive funds (e.g., mutual and ETF managers) are crucial to the outcome.Additionally, Musk’s recent share buybacks or high-price purchases are interpreted by the market as a “vote of confidence.”

3) Verifying the Realism of Master Plan 4 — How Is “$30 Trillion” Achieved?

The core pillars of Master Plan 4 are robotaxis, Optimus (humanoid robots), energy, data infrastructure, and next-generation manufacturing.The theoretical value creation path involves securing high-margin recurring revenue based on software and services.This is not achievable solely through car sales; it necessitates platform revenue (transaction fees, advertising, data licensing, etc.) through autonomous vehicles and robots.

Simple Intuitive Calculation (Example)Assumption: Tesla generates $1 trillion in annual revenue from robotaxis and achieves a 20% operating profit margin, resulting in $200 billion in profit.Even with a premium for profit margin and growth, a $30 trillion valuation (approximately $30,000 billion) realistically requires immense assumptions (monopolistic global infrastructure, high margins, near-zero competition).Conclusion: The $30 trillion scenario is within the realm of possibility, but the execution risks (regulatory, technological, capital, demand) are extremely high.

4) The Robotaxi War — Uber’s Statements and Stock Sales, What Do They Mean?

Uber CEO Dara Khosrowshahi’s public statements were a negotiating message: “Tesla needs Uber’s network to monetize.”However, his substantial stock sale, revealed in SEC filings, can be read as an internal signal of unease.Interpretation Point: The discrepancy between his words and actions is a signal of strategic positioning or personal risk management.

Strategic Differences: Network (Uber) vs. Asset/Software Integration (Tesla)Uber possesses platform network effects (demand/supply matching), while Tesla employs an asset-centric model integrating vehicles, software, and data.If Tesla directly offers services (robotaxis) through complete autonomous driving software and large-scale vehicle deployment, Uber’s current business model faces structural threats.Conversely, Uber will aim to maximize profits by opening its platform without owning vehicles.The strategic alliances (partnerships or adversarial competition) between the two could completely reshape the industry landscape depending on their development.

5) The Impact of Product, Safety, and Reliability Issues on Valuation

Meta’s failed demo incident (hardware + AI demo stage failure) illustrates the gap between “actual usability” and “real-world reliability.”Tesla has also faced reputational and regulatory risks due to Roadster delays and the U.S. safety investigation into its electronic flush door handles (locking and emergency release issues).

Specific Impacts:Expanded regulatory investigations (NHTSA, etc.) can lead to recalls, reputational damage, and sales restrictions.Electronic safety device issues, in particular, are directly linked to the reliability of autonomous driving commercialization.Ultimately, product and safety news released before and after the shareholder meeting will have a sensitive short-term impact on stock prices and market capitalization.

6) Structural Concerns with Governance and Compensation — “Motivation” vs. “Concentration of Power”

Similar to the 2018 compensation package, performance-based stock compensation is likely to be proposed.The issue lies in how the performance conditions are set.Targets based on market capitalization are sensitive to “market winds” and are influenced by external factors (economy, interest rates, liquidity).Furthermore, excessive concentration of power may conflict with the interests of minority shareholders.

What News Gets Wrong:While much reporting focuses on the “amount of money,” more important are the “design of performance criteria” and “vesting conditions.”Practically, the timeline for achieving targets, feasibility, and intermediate verification mechanisms are key.

7) Practical Checklist — Key Indicators to Watch Before and After the Shareholder Meeting

Updates on proxy counts and final positions of major institutions (BlackRock, Vanguard, etc.).Recommendations from ISS and Glass Lewis.The proportion of broker non-votes and their expected impact.Musk’s recent movements in buying/selling company stock.Estimated dilution from options and RSUs and the long-term dilution effect.Market options positions (large call/put accumulation), changes in short interest.Trends in NHTSA and Chinese regulations, and progress in robotaxi-related approvals.

8) Market Impact and Probabilities by Scenario (My Perspective)

Rejection Scenario — 25% ProbabilityIf the compensation package is rejected, debates over board and management restructuring will accelerate.Short-term stock price decline and increased volatility.Medium to long-term re-evaluation possible depending on the restoration of institutional confidence.

Base Scenario — 50% ProbabilityCompensation package approved, short-term positive market reaction (optimism), but limited stock price recovery if earnings, regulations, and product execution are not proven.Specific KPIs for the Master Plan roadmap (e.g., robotaxi revenue timing) will be key observation points for the next quarter/year.

Bull Scenario — 25% ProbabilityCompensation package approved + tangible early results from Master Plan (pilot programs/monetization cases) visible → Long-term re-evaluation driven by profit margin leverage.However, this scenario presupposes simultaneous success in robotics, autonomous driving, and energy sectors.

9) The Most Important Point That News Often Doesn’t Cover — My Emphasis in One Sentence

“More critical than the outcome of the shareholder meeting in determining the market’s direction will be the technical aggregation of voting rights (broker non-votes, advisory firm recommendations, institutional strategic holdings ratio) and the design of performance measurement.”In simple terms, beyond the voting outcome, “how performance will be remeasured and verified” will dictate future valuation.

< Summary >The November 6th shareholder meeting is a watershed moment, determining the legitimacy of Musk’s leadership and the approval of Master Plan 4’s execution.Not only the vote itself but also broker non-votes, ISS/Glass Lewis recommendations, and institutional investor actions will influence the outcome and market reaction.For Master Plan 4 to achieve a $30 trillion valuation, simultaneous success and high margins across all pillars—robotaxis, Optimus, energy—are essential.Uber’s statements and its CEO’s stock sales are not mere provocations but strategic signals, with the potential to reshape the industry landscape through partnership or adversarial competition.Meta’s demo failure and Tesla’s product/safety issues serve as reminders of the importance of “real-world reliability,” and regulatory risks directly impact valuation.Investors and observers should use proxy updates, advisory firm recommendations, Musk’s financial movements, and regulatory reports as their short-term checklist.

*Source: [ 오늘의 테슬라 뉴스 ]

– 머스크의 마지막 승부수… 11월 6일, 주주총회 한 번에 테슬라 운명과 30조 달러가 결정된다?

● 2026 Economic Outlook Liquidity Party Continues – Brace for Fragile Risks

2026 Economic Outlook: The Liquidity Party Continues — But Prepare for Precarious Risk Zones

Key content covered in this article:Lessons from 2025 and the chronological unfolding of the 2026 economic trajectory.Political-financial interactions and seven hidden risk signals created by Fed leadership changes and policy shifts.Impacts of liquidity supply from various sources (central banks, government bonds, stablecoins, financial deregulation) and actual market reaction scenarios.Specific response strategies and risk management (hedging, options, duration indicators) by asset class (stocks, bonds, real estate, alternative investments, crypto assets).Structural investment opportunities created by AI and the Fourth Industrial Revolution, and the “qualitative separation” points within the short-term liquidity rally.Key insights often overlooked by other YouTube channels or news outlets — the concentration of non-bank liquidity within the financial system and the “hidden explosive power” arising from the interplay of stablecoins, MMFs, and repos.

1) Reviewing 2025 Chronologically → 2026 Unfolding (Macro Context)

2025 saw a global slowdown in growth with a moderating downward trend in inflation.Concerns about low growth and stagnation in 2025 prompted central banks to prepare for gradual easing.The first half of 2026 will be a period of “pivot diffusion” (signals of rate cuts and liquidity provision).The end of Fed Chair Powell’s term (expected in May 2026) and the nomination of his successor, coupled with midterm election politics, are likely to tilt monetary policy further towards easing.The second half of the year enters a period of increased volatility depending on the outcomes of elections, fiscal policies, and expanded government bond issuance.Therefore, 2026 is likely to be remembered as a sequence of “liquidity rallies + recurrent tenuous shocks.”

2) The Reality of Liquidity: Who, How, and How Much is Supplied?

Central Banks: Continue injecting liquidity through gradual interest rate cuts and, if necessary, bond purchases (quantitative easing).Fiscal Authorities: Trigger short-term liquidity effects through expanded fiscal spending around elections, debt ceiling easing, and large-scale government bond issuance.Financial Deregulation (e.g., SLR easing): Stimulates increased leverage and loan supply from banks and large financial institutions, flowing into asset markets.Stablecoin and Crypto-Based Liquidity: Privately issued stablecoins function as short-term liquidity windows, strengthening interconnectivity with existing short-term financial markets.The combination of these factors creates a “liquidity market” qualitatively different from 2020-2021.In essence, it’s a “thin but persistent” liquidity that is vulnerable to frequent shocks and political events, even if its scale is smaller.

3) Key Risks I Emphasize That Others Often Don’t Mention

Non-Bank Liquidity Concentration Risk: The interdependence between MMFs, prime funds, and stablecoins conceals leverage accumulation.Combination of Weakening Government Bond Demand and Increased Issuance: Potential for sharp rises in long-term interest rates depending on how much central banks purchase government bonds.Fed Chair Succession and Political Pressure: The next chair is likely to be more sensitive to providing fiscal and monetary “treats” related to elections, increasing policy capriciousness.Large-Scale Liquidity Expansion Based on Stablecoins: Loose regulation can lead to explosive increases in short-term fund mobility, causing instability in repo and short-term money markets.Abnormally Narrowing Credit Spreads: A credit rally “covered by liquidity” is vulnerable to sudden risk events.Hidden Leverage in Regional and Small/Medium-Sized Financial Institutions: Credit crunches originating at the periphery can transfer to large systemic risks.Market Structural Imbalances Due to AI and Data Concentration: Liquidity and demand concentrating in a few platforms can lead to simultaneous overheating and downturns.

4) Investment Strategies by Asset Class in Market Scenarios (Positive, Neutral, Negative)

Positive Scenario (Sustained Liquidity, Soft Landing): Stocks (quality growth stocks, AI-related), a slight increase in high-yield bonds during credit spread tightening.Neutral Scenario (Liquidity Maintained but Event-Driven Volatility): Stocks with sector rotation, a combination of defensive and growth positions.Negative Scenario (Failed Liquidity Control, Sharp Rate Hikes): Safe assets (short-term government bonds, cash), short-term put options and reduced duration to prepare for interest rate volatility are essential.Bonds: Cautious about medium-to-long-term bond exposure before interest rate cut expectations materialize; prefer short duration to hedge against the risk of interest rates re-accelerating.Real Estate: Interest rate-sensitive assets should be segmented by region and use (logistics, data centers, etc.); leverage management is essential.Crypto Assets and Stablecoins: Tactical participation after carefully monitoring regulatory signals and liquidity pressures (stablecoin collateral ratios, MMF outflows).Alternative Investments (PE, Infrastructure, AI Infrastructure): Structural growth opportunities with valid medium-to-long-term positions; consider potential price adjustments if liquidity becomes scarce.

5) Risk Management Checklist (Practical Triggers and Response Actions)

Trigger 1: 10-year Treasury yield surges by +150bp within 90 days → Shorten duration, utilize bond puts and interest rate swaps.Trigger 2: Stablecoin total collateral ratio declines by 10 percentage points and large-scale redemptions occur → Reduce crypto exposure, secure liquidity.Trigger 3: Large MMFs and prime funds experience net outflows for 7 consecutive days → Defend with cash and short-term government bonds.Trigger 4: Announcement of renewed emergency bond purchases by the Fed or major central banks → Gradually increase risk asset exposure.Trigger 5: Sharp widening of credit spreads (EM spreads +200bp) → Reduce risk-on positions, shift funds to defensive sectors.Document execution manuals and position rebalancing rules for each trigger in advance.

6) Investment Opportunities from the Perspective of AI and the Fourth Industrial Revolution (Focusing on 2026)

Data Centers and Cloud Infrastructure: Entry opportunities during price adjustments within the context of a liquidity rally.AI Chips and Semiconductor Equipment Investment: Structural demand continues with supply chain normalization and strategic national support.Industrial AI (Manufacturing, Healthcare, Financial Automation): Selective investment in companies where productivity improvements translate into actual earnings.AI Regulation and Ethical Framework Development: Focus on regulatory beneficiaries (compliance and security solutions).Financial Market Automation and Algorithmic Risk: Need to update risk models to prepare for changes in short-term trading liquidity patterns.Smart Contracts and Tokenization: Asset tokenization is another pillar of liquidity expansion; presents opportunities or risks depending on regulatory compliance.

7) Short-Term and Medium-Term Portfolio Proposal (As a Framework)

Cash and Cash Equivalents 10-20%: Secure liquidity for trigger responses.Stocks 35-45%: Increase exposure to AI, Tech, Healthcare, and Infrastructure; selective approach to cyclical stocks.Bonds 20-30%: Duration management (mix of short and medium-term).Alternatives, Alternative Credit, Real Estate 5-15%: Focus on structurally benefiting sectors.Crypto and Stablecoin Exposure 0-5%: Conservative approach, maintainable at levels that can be immediately reduced during regulatory or market stress.The core of the portfolio lies in rebalancing rules and clear trigger-based stop-loss and hedging criteria.

8) “Hidden Data” and Monitoring Indicators for Market Participants

Track non-bank short-term funding flows (repo, MMF, prime fund net inflows).Monitor total stablecoin issuance, collateral composition ratios, and circulation changes.Track government bond auction bid-to-cover ratios and net foreign investor purchases.Observe large bank and G-SIB SLR and leverage ratio change disclosures.Follow option market volatility (put/call ratios) and CDS premiums as leading indicators.

< Summary >2026 will be characterized by a continuing liquidity rally, but with recurrent “precarious” downside risks.Opportunities can be found by distinguishing and responding to the sources of liquidity generated by central banks, fiscal authorities, and the private sector (e.g., stablecoins).Key risk signals include Fed chair succession, expanded government bond issuance, and non-bank liquidity concentration.Investment strategies should focus on trigger-based risk management, selective adjustments by sector and asset class, and concentration in structurally benefiting areas like AI and infrastructure.Practical management involves pre-establishing specific triggers (e.g., sharp interest rate hikes, stablecoin collapse, MMF outflows) and corresponding hedging and cash-securing rules.

*Source: [ 경제 읽어주는 남자(김광석TV) ]

– 2026년 경제전망 : 유동성 파티 계속된다. ‘위험한 구간’에 대응해야 합니다. | 클로즈업 – 2026년의 ‘머니 트렌드’ 2편

● Russell 2000 Peaks, Fed Cycle Begins, Gundlach Eyes 4,000 Gold – Key Takeaways Small-Cap Rally’s Meaning, Real-World AI Chip Signals, Fed Debate Hessett vs. Powell vs. Gundlach, Dollar Weakness Drives Flows, Hidden Risks Long-Term Rates, YCC, Productivity Shock.

Russell 2000 Hits All-Time High, Interest Rate Cycle Begins, Gundlach Predicts Gold at $4,000 — Key Takeaways from this Article: The Significance of the Russell 2000 Breakout, Real-World (Price) Signals in Semiconductors & AI, The Fed Debate (Hessett vs. Powell vs. Gundlach), Capital Flows Driven by a Weak Dollar, and Investment Interpretations of Risks Unmentioned by Other Media (Long-Term Rates, YCC, Productivity Shocks).

1) Yesterday (Immediately After the Fed Decision) — Market in Confusion, Today Finds Direction

Today, the stock market immediately found its direction in response to yesterday’s Federal Reserve monetary policy message (including the signal of a 25bp cut).Yesterday was characterized by volatility due to interpretations of the dot plot and the statement.Today, investors accepted the interpretation of a ‘shift in the interest rate cycle’ and moved upwards.In this process, risk-on sentiment (relative asset preference) strengthened across the stock market.Changes in macroeconomic variables such as interest rates, inflation, and the dollar were quickly reflected in short-term investment sentiment.

2) The Most Important Market Signal — The Russell 2000 Breaks All-Time Highs

The Russell 2000 (small-cap index) has surpassed its all-time high for the first time in four years.This is not just an index event.It signals that investor sentiment is broadening from large-cap dominated rallies to small-caps.The strength of small-caps indicates broader market participation and greater risk-on.Therefore, along with an ‘expansion of the index’s upper bound,’ mid- and small-cap, value, and cyclical sectors are likely to move more strongly.It is time to re-examine the breadth (beta/exposure) of your investment portfolio.

3) Sector-Specific Real-World Signals — The Frontline of Semiconductor (Memory) and AI Demand

DRAM and NAND spot prices are soaring.The more than 5% surge in related stocks like Micron and SanDisk is due to the actual confirmation of demand and supply shortages.The stock price increases of Korea’s Samsung Electronics and SK Hynix are linked to global supply shortages.This signal is directly related to the increase in data center and server demand driven by AI.In other words, it confirms that AI is not just a theme but a structural demand influencing memory prices and real-world demand.Therefore, when constructing a portfolio for AI-related stocks, ‘confirmation of real-world demand (prices, contracts, spot)’ should be a priority.

4) Macroeconomic and Policy Debates — Hessett vs. Powell vs. Gundlach

Hessett (White House National Economic Council) views the current low unemployment rate as being driven by the supply side (productivity increases, not reduced immigration).This perspective suggests a scenario of growth without inflation, where AI and other productivity shocks shift the Phillips curve to the right.Powell, citing employment data and a decrease in labor supply, has indicated a cautious approach to the pace of easing.Gundlach, conversely, warns of ‘excessive monetary easing risks’ and the possibility of rising long-term interest rates.Gundlach argues that unemployment rates (or labor participation rates) should be the key indicator for interest rate decisions.These three perspectives are the core issues that will shape future monetary policy direction and market reactions.Investors should track this debate by summarizing it as ‘Which variable (productivity vs. labor supply vs. demand) is driving the current economy?’

5) Gundlach’s Investment and Asset Allocation Perspective — Dollar Weakness and the Re-emergence of Gold

Gundlach is focusing on the possibility of continued dollar weakness.Dollar weakness leads to capital inflows (reversal of net US outflows) and increased attractiveness of emerging market assets.As a result, gold and gold mining stocks may show strength, and he forecasts gold prices could reach $4,000 by year-end.Gundlach views the current situation as a combination of dovish monetary easing and dollar weakness, recommending a significant allocation to gold in portfolios (e.g., 25%).Furthermore, Gundlach cautions against the volatility risk of long-term interest rates (potential for long-term rates to rise) and mentioned a strategy of specific duration positioning (30-year short, short-to-intermediate term long).This suggests the need for a readjustment of interest rate spreads and a re-evaluation of bond positioning.

6) Practical Stance of Major Investors (e.g., David Tepper) — Valuation Caution and Position Maintenance

David Tepper stated that while earnings are good, he feels uneasy about valuations.Nevertheless, he revealed the practical dilemma of not being able to completely reduce stock exposure in a period of monetary easing.This statement provides practical guidance to determine investment strategy based on two pillars: ‘valuation warnings’ and ‘not fighting the Fed (policy).’In other words, for growth and AI-related stocks, while maintaining positions, risk management (hedging, partial profit-taking, rebalancing) should be strengthened.

7) 5 Most Important Points Unmentioned by Other Media

1) The possibility of rising long-term interest rates can materialize even during an interest rate cut cycle.This means the simple equation of ‘rate cut = long-term rate decline’ may be broken.2) The possibility of YCC (Yield Curve Control) remains a real policy option.YCC aids economic stimulus by suppressing long-term rates, but it carries significant market distortion and foreign exchange (dollar) impacts.3) If dollar weakness persists, structural buying opportunities will emerge in emerging market local currency bonds and gold.Changes in currency structure can be a greater alpha factor than short-term macro news.4) The potential for AI to shift the Phillips curve necessitates a redefinition of the inflation-employment link.Supply-side productivity shocks create a scenario of growth without inflation, which triggers a fundamental re-evaluation of interest rates and asset allocation.5) The surge in spot prices for semiconductors (memory) is a sign of ‘real fundamentals, not a theme.’This means AI is not merely a mentioned story but a reality that connects to actual corporate earnings, prices, and CAPEX.

8) Specific Investment Checklist (Short-Term → Mid-Term → Long-Term)

Short-Term (Next Few Weeks)Interest Rates/Bonds: Monitor 2-year/3-year spreads, prepare hedges against long-term rate volatility.Stock Market: Confirm Russell 2000 fundamentals (actual earnings, orders, spot prices).Commodities/Gold: Consider increasing allocation to gold/gold miners when dollar weakens.Mid-Term (Next Quarter)Sectors: Rebalance exposure to semiconductor, data center, and AI infrastructure-related stocks.Global: Emerging market local currency bonds and European/Asian stocks become relatively more attractive during dollar weakness.Long-Term (Year-End to Annual)Policy Risks: Develop scenarios for YCC and long-term rate management.Structural Investment: Maintain sustained exposure to sectors/companies benefiting from AI-driven productivity gains (software, data centers, memory).Risk Management: When valuations are high, defend with partial rebalancing and options/bond hedging.

9) Risks and Monitoring Points

Interest Rate Risk: The divergence between rising long-term rates (Gundlach’s warning) and short-term rates (Fed’s policy rate).Inflation Risk: If supply-side (productivity) shocks are real, inflation concerns will ease; if not, they could reignite.Dollar: The persistence of dollar weakness will reshape global capital flows.Corporate Earnings: Need to track margins and CAPEX for AI and semiconductor-related companies.Policy Risk: YCC possibility and political variables (tariffs, trade policy).Technical Risk: Verify if the small-cap rally is becoming a bubble through breadth and volume.

10) Conclusive Investment Implications — What to Do Right Now

Redesign your positions around two pillars: ‘the market’s shift in the interest rate cycle’ and ‘AI-driven productivity shocks.’Broaden the scope of your portfolio based on real-world signals like the Russell 2000 and semiconductors, while hedging valuation risks with options and bonds.Prepare for a scenario of dollar weakness by considering gold and emerging market local currency bonds, while concurrently hedging against the risk of rising long-term interest rates.Manage policy uncertainties (Fed’s next move, YCC possibility) with a macro event calendar.Approach AI-related investments with a focus on companies where ‘real demand (prices, contracts, revenue)’ has been confirmed, rather than just ‘expectations.’

< Summary >The Russell 2000’s all-time high signals a broadening to small-caps and risk-on.The surge in semiconductor spot prices is a real-world signal of AI demand.Hessett believes AI and productivity shocks could alleviate inflation pressures, while Gundlach warns of monetary easing risks and rising long-term rates.Dollar weakness is likely to support assets like gold and emerging market local currency bonds.Investment strategy can be summarized as position expansion (based on real-world signals) + valuation hedging (options, bonds) + preparation for dollar weakness scenarios.

*Source: [ Maeil Business Newspaper ]

– [홍장원의 불앤베어] 러셀2000, 4년만에 최고치 돌파. 상방으로 방향잡은 증시. 건들락은 금값 4천달러 전망.