Silver Rises Over 120% YTD 
After an exceptional two-year bull run reminiscent of the late 1990s, the market narrative has evolved significantly.
The Federal Reserve’s recent rate cuts, totaling one percentage point over four months, have become secondary to the broader implications of Donald Trump’s presidency and potential policy changes.
The market environment shows several key shifts: corporate confidence has become consensus rather than surprising, investors are adapting to sustainably higher interest rates, and the 10-year Treasury yield is testing multi-decade highs.
Most notably, Trump has replaced Fed Chair Jay Powell as the primary source of market uncertainty, with investors increasingly focused on how his policies might reshape the Fed’s role, market dynamics, and the broader U.S. economy.
