Silver Rises Over 120% YTD 
Major central banks are taking divergent policy paths as U.S. tariffs create different challenges across the global economy. While the U.S. Federal Reserve holds rates steady due to inflation concerns, the Swiss National Bank is considering negative rates to combat currency strength, and the Bank of Japan maintains a potential hiking bias despite growing caution. The article outlines the current positions of ten developed-market central banks, with many European and Pacific nations cutting rates or signaling future cuts while dealing with the disinflationary effects of stronger currencies against the dollar and the broader impact of trade tensions.
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The Real Reason Gold Is Down During an Oil War
Gold is down 10% since the Iran War began — while oil is up nearly 60%. If gold is an inflation hedge, why is it falling during an inflation shock? The answer comes down to one distinction most investors miss: paper gold and physical gold are not the same thing, and they don’t respond to the same forces.
April 21, 2026
