They say that money doesn't disappear, it simply moves from one market to another in search of profitability.

But where is it and where could it be headed?

Money is clearly in the stock market, in a market at historical highs surrounded by uncertainty and to which, as always, interest rate cuts favor.

Moreover, the sharp drop in oil somewhat curbs inflation, so for now, there should be no fear of an interest rate hike in the short and medium term.

It is said and confirmed that tariffs and the abandonment of globalization do increase inflation, but in the U.S., they are seen more as a threat to achieving goals than as a true desire to maintain them.

There doesn't seem to be much problem then from this side.

Money is also in gold and, paradoxically, this is indeed rare because it usually doesn't stay so strongly in two places at once. It shouldn't be long before changes are seen, either in the stock market or in gold.

We have said where the money is, and we still need to say where it is leaving. It is clearly leaving fixed income (interest rates are falling) and oil (the market is flooded).

Therefore, and although overbought, the stock market remains a priority, gold as a safe haven asset, and cryptocurrencies (at the pace set by their correlation with the stock market) as a long-term bet (buy and hold the most capitalized cryptocurrencies) since the future demands greater adoption of them.

I could also talk about currencies, but they are very controlled by central governments and their movements are marked by changes in their policies. Strength of the Yen due to the rise in inflation in Japan. After that, not much more, in the medium term the Euro should appreciate against the Dollar.

The most concerning and potentially destabilizing factor for the markets that could generate great opportunities: The massive existing global debt. This should be the scenario that investors should be most vigilant about right now.