Investors are facing a challenging decision as money market yields are projected to decline by at least 100 basis points over the next few quarters. With the U.S. government debt reaching $38 trillion, the attractiveness of Treasuries is under scrutiny. Meanwhile, corporate bond spreads are at their lowest in 20 years, raising concerns about their risk-reward profile. Additionally, stocks are trading at a high 40x cyclically adjusted price-to-earnings (CAPE) ratio, indicating potential overvaluation. Gold, on the other hand, has seen a sharp upward movement, adding complexity to investment strategies. This environment presents a tricky landscape for investors seeking optimal asset allocation.