Gold continues to stand tall while stocks struggle, despite solid US data. Global markets face various risk factors, even as US GDP growth surpasses forecasts. The US Dollar remains unable to rally due to declining expectations of a Fed rate hike and a cooler than expected core PCE inflation print. Wall Street is experiencing losses, with tech shares leading the way lower. The European Central Bank (ECB) has left interest rates untouched, as downside risks dominate in the euro/dollar pair. Geopolitical tensions have intensified after US air strikes in Syria. Both gold and oil prices have moved higher. A deluge of US data releases is on the agenda, and investors have been net purchasers of fund assets. It is important to note that trading in financial instruments and cryptocurrencies involves high risks. Stocks are currently overshadowed by the bond market, with attention focused on bond auctions and the upcoming CPI release. The recent rebound in bonds could have significant implications for rate hikes. Traders' profit and loss positions and the closing calendar may affect market dynamics. Speculators may have bought the recent dip in oil prices, but the market remains cautious about Middle East risk premiums. EUR/USD and GBP/USD are benefiting from a subdued US Dollar and positive market sentiment. Gold prices are weaker, while DOGE faces a critical hurdle. The economic data calendar is light, with the focus on Treasuries. Trading foreign exchange carries high risk and may not be suitable for all investors. The 1929 US stock market crash was not the primary cause of the Great Depression. The Depression originated from inadequate exchange rates and the flawed incentives of the gold standard. After World War I, countries aimed to return to the gold standard, but the exchange rate regime did not account for the economic effects of the war. Britain and Germany faced difficulties in returning to the prewar parity, while the United States benefited from the gold standard without making significant sacrifices. The resumption of the gold standard led to instability, deflation, and social conflict in Britain and Germany. The US economy expanded, but not enough to protect the gold standard. The gold standard caused insufficient responses from the US and France, leading to excessive stocks of gold and vulnerability in Britain and Germany. Stock market speculation and interest rate hikes in the US further harmed the world economy. The true cause of the Great Depression was the inadequate exchange rate framework and the asymmetric incentives of the gold standard. By the start of the 1930s, all major powers were deflating their economies, leading to a global contraction in prices and output. The unraveling of international cooperation during the Great Depression deepened the crisis. Deflation became self-fulfilling and led to currency and banking crises. Governments worldwide implemented beggar-thy-neighbor economic policies to repel deflation, but this collective effect deepened the Depression. The European Banking Crisis, the devaluation of the Pound, and the gold withdrawals from the US had a significant impact. The differing gold positions of the Federal Reserve banks and the contractionary effect of higher interest rates were also contributing factors. The US government's reflationary policies and the German government's deflationary policy are discussed, as well as the implosion of international trade cooperation. The Glass-Steagall Act and its effects on international actors are mentioned, along with the challenges faced by US banks. The limited progress made due to loyalty to the gold standard and the lack of international cooperation deepened the Depression. The Great Depression was a decade-long economic catastrophe that started in 1929 and lasted until 1939. It was triggered by the stock market crash of 1929, but multiple factors contributed to its severity. These factors include overproduction, executive inaction, ill-timed tariffs, and an inexperienced Federal Reserve. The Great Depression led to social programs, regulatory agencies, and government efforts to influence the economy and money supply. The New Deal, implemented by President Franklin D. Roosevelt, reshaped the role of government and introduced programs that are still in place today. While the likelihood of another Great Depression caused by internal factors is considered unlikely due to the availability of policy and monetary tools, economic downturns can still occur. On October 24, 1929, Winston Churchill witnessed the panic and fear engulfing the New York Stock Exchange during the Wall Street Crash. The crash brought the US back to reality and set the stage for the Great Depression. John Kenneth Galbraith's book 'The Great Crash 1929' challenges the common belief that the Federal Reserve was to blame for the crash. The blame was placed on the Federal Reserve for creating conditions that allowed investor speculation to run rampant. The crash had widespread consequences and every crash since has been compared to it. Leaving the gold standard led to a major devaluation that benefited Britain's economy and boosted its international competitiveness. The devaluation resulted in a significant reduction in unemployment rates in export-intensive industries. The analysis suggests that leaving the gold standard was an important factor in Britain's recovery from the Great Depression. The article also highlights the significance of the Bretton Woods conference in establishing a new monetary standard and the relevance of large exchange rate depreciations in modern economies.