Silver Rises Over 120% YTD 
Global markets are experiencing significant volatility as the trade war between the US and China intensifies. The US dollar has suffered its worst four-day decline in over two years, sinking 1.2% to a six-month low. In response to US actions, China has dramatically increased tariffs on American goods from 84% to 125% and warned it will “fight to the end” if provoked further, even calling the Trump administration’s actions a “joke.”
Wall Street’s biggest banks have reported mixed earnings against this backdrop. JPMorgan Chase posted record equity trading revenue but warned about deteriorating economic conditions. BlackRock reported lower-than-expected net inflows, with CEO Larry Fink comparing current market conditions to previous major disruptions like the 2008 financial crisis and the COVID-19 pandemic.
Market analysts are increasingly pessimistic, with Bank of America strategist Michael Hartnett describing a shift from “US exceptionalism” to “US repudiation.” He advises investors to sell during any market rallies until either the Federal Reserve intervenes or US-China tensions ease. Meanwhile, gold has surged to a record high above $3,200 an ounce as investors seek safe havens amid the uncertainty.
