Stocks and Gold Move Together: The Investment Formula Is Cracking

주식과 금이 같이 간다…투자 공식에 금이 간다
Watch on YouTube ↗  |  February 11, 2026 at 05:08  |  1:03:44  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Park Se-ik — CEO, ex-Chief Strategist

Summary

Park Se-ik's daily market briefing reviews newspaper articles on gold's rising correlation with stocks, Big Tech's debt-funded AI infrastructure spending, and the Korean semiconductor supercycle. He also discusses Samsung Epis Holdings' valuation versus Celltrion and Hana Securities' bullish call on Korean bank holding companies. Much of the early transcript is viewer-comment chat and investment-education Q&A, followed by a newspaper review.

  • Gold and stocks are rising together, with gold's correlation to the S&P 500 rising to 0.77.
  • Central banks, ETFs, Chinese retail buyers, and global liquidity expansion are supporting gold.
  • Alphabet is issuing 100-year bonds to fund AI infrastructure as Big Tech capex exceeds $650bn.
  • Korean semiconductors are framed as beneficiaries of AI capex and the chip supercycle.
  • Samsung Epis Holdings is discussed as undervalued relative to Celltrion.
  • Hana Securities maintains overweight on Korean banks and raised bank holding company targets.
  • Korean export strength is concentrated in top companies and semiconductors, while autos and petrochemicals weaken.
  • The video also covers viewer comments, dental treatment, and investment-education topics.
Ideas
Park Se-ik CEO, ex-Chief Strategist 26:26
Samsung Epis Holdings is undervalued versus Celltrion
Samsung Epis Holdings looks undervalued relative to Celltrion on 2025-26 revenue and operating-profit estimates, and its holding structure includes not just biosimilars but also a new-drug development arm whose pipeline value is reflected by comparable KOSDAQ biotech valuations. The speaker remains positive from an investment perspective, citing the Samsung system/CEO premium and potential multiple re-rating, while warning that short-term index-inclusion trading may create volatility.
Samsung Epis Holdings HIGH
Park Se-ik CEO, ex-Chief Strategist 41:33
Gold structurally supported despite higher volatility
Gold and stocks are now rising together, breaking the traditional negative correlation; the gold/S&P 500 correlation rose to 0.77 last year from 0.02 in 2021. The speaker attributes this to global liquidity expansion, aggressive emerging-market central bank gold buying, gold ETF inflows, and Chinese retail demand, and notes experts see higher volatility and the start of a commodity supercycle.
GLD MED
Park Se-ik CEO, ex-Chief Strategist 50:43
Korean semiconductors benefit from AI capex
Big Tech's aggressive, partly debt-funded AI infrastructure spending is a positive for Korean semiconductors. The speaker highlights Alphabet's 100-year bond issue and more than $650bn of Big Tech capex, then points to semiconductor supercycle evidence: intensifying talent competition, record Korean exports led by chips, IT parts exports up 20%, and top-10 export concentration near 40%.
Korean Semiconductors HIGH
Park Se-ik CEO, ex-Chief Strategist 58:13
Korean banks remain undervalued and supported
Hana Securities maintains an overweight on Korean banks and raised target prices for all bank holding companies. Korean banks trade at only 0.69x PBR versus 1.6x for Japanese banks and above 2x for Taiwanese banks despite similar ROE, so the move is seen as valuation normalization rather than full re-rating. Policy momentum from the commercial law amendment and a bank-led won stablecoin consortium could help, while low valuation and dividends provide downside protection if the market becomes unstable.
EWY MED
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This Chesley Investment Advisory (체슬리투자자문) video, published February 11, 2026, features Park Se-ik discussing Samsung Epis Holdings, GLD, Korean Semiconductors, EWY. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Se-ik  · Tickers: Samsung Epis Holdings, GLD, Korean Semiconductors, EWY