100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

As gold reaches a record $2,900 per ounce, defying traditional market logic about interest rates and dollar strength, silver is emerging as an attractive alternative investment. Unlike gold, which sees only 6% industrial demand, over half of silver consumption comes from industrial applications, particularly in growing sectors like renewable energy, AI, electronics, and medical equipment. Despite having historically traded at a 15:1 ratio with gold based on natural abundance, silver now trades at 100:1, suggesting potential undervaluation.

Hong Kong’s jewelry shops are experiencing a surge in activity as gold prices hit new record highs this week. While many residents rush to sell their gold for substantial profits – up to 63% for those who bought in October 2023 – others, particularly mainland Chinese couples planning weddings, are buying despite high prices. Some analysts now predict gold could reach $3,400 this year, driven by central bank buying and inflation concerns.

Treasury Secretary Scott Bessent has announced that the US is expanding its trade policy focus to include currency manipulation alongside tariffs. The announcement comes as the administration develops plans for reciprocal tariffs by April 1st, with Bessent emphasizing that while the US maintains a strong dollar policy, it won’t accept other nations deliberately weakening their currencies for trade advantage. The Treasury’s review will create what Bessent calls a “reciprocal index” that examines three key factors for each trading partner: existing tariffs, non-tariff barriers, and currency manipulation practices. This comprehensive approach represents a significant shift in US trade strategy, with Bessent