$51 Billion Harvard Fund Dumps Tech Stocks, Loads Up on Gold and Crypto

Switzerland’s exports to the US rose 1.1% in July, driven by increased gold and watch shipments, just before President Trump imposed a surprising 39% tariff on Swiss goods—the highest among developed nations. Gold exports jumped to their highest level since March, while Swiss watch exports returned to growth, primarily due to US demand. The new tariff affects about 10% of Swiss exports, particularly hitting machinery and technology sectors, though medicines remain exempt for now. Switzerland is urgently negotiating with Washington to reduce the levy while implementing domestic measures to cut production costs. The country’s role as the world’s largest gold-refining

The Federal Reserve’s July meeting minutes reveal deep divisions among policymakers about the economy’s direction. Despite two governors voting to cut rates—the first such split in over 30 years—the Fed kept interest rates steady at 4.25%-4.5%. Officials expressed competing concerns: most worried more about inflation risks, particularly from Trump’s tariffs, while others focused on growing weakness in the job market. The central bank faces a challenging balancing act as economic growth remains sluggish and uncertainty persists about how tariffs will impact prices. Political pressure is intensifying, with President Trump publicly criticizing Fed Chair Jerome Powell and demanding Governor Lisa Cook’s

The U.S. dollar remained flat Thursday as investors await Fed Chair Jerome Powell’s Jackson Hole speech on Friday for policy direction. Markets are pricing in a 79% chance of a September rate cut, down slightly from earlier expectations. President Trump’s renewed attacks on the Fed, including calling for Governor Lisa Cook’s resignation, have raised concerns about central bank independence. The dollar index held steady at 98.337, while major currencies showed little movement despite the U.S.-EU trade deal confirmation with 15% tariffs on most European imports.

Gold futures declined 0.2% to $3,380.90 per troy ounce on Thursday morning, pressured by a stronger U.S. dollar that makes gold more expensive for international buyers. Despite the dip, gold maintained most of its gains from the previous session when it benefited from safe-haven buying during a tech stock selloff. Trading remains thin and prices are expected to stay rangebound until Fed Chair Jerome Powell’s crucial speech on Friday, which investors will analyze for clues about future monetary policy easing.