"How can you with confidence apply risk-on or risk-off thematics when data is pretty beige and Washington a massively eye-popping, head-shaking uncertainty?" asks Informa Chief Macro Strategist David Ader.
One of these peaks will be the peak, but predicting that ahead of time is not easy.
Gold has added 13 percent this year as Trump failed to deliver on campaign promises to ramp up U.S. growth by cutting taxes and boosting infrastructure spending.
Institutional quant hedge funds have addressed the risk issues that caused 2007 losses, but the newer retail products cannot.