Silver Rises Over 120% YTD 
Markets worldwide are experiencing significant volatility as investors brace for President Trump’s “Liberation Day” tariff announcements expected later this week. The prospect of broad reciprocal tariffs has triggered a flight to safety, with Treasury bonds, European bonds, and gold reaching record levels, while the Japanese yen has strengthened to its highest in 10 days.
Simultaneously, global stocks are tumbling, particularly in countries most vulnerable to new trade barriers, such as South Korea and Taiwan. This market anxiety has prompted a notable 2.6% gain for US government debt this quarter, with Treasuries outperforming US equities for the first time in five years. Short-term bond yields are dropping as traders anticipate at least three Federal Reserve rate cuts this year to counter potential economic damage.
Goldman Sachs economists now forecast three rate cuts from both the Fed and European Central Bank. Market strategists warn that continued uncertainty about tariff policies could further erode investor and business confidence, while Friday’s upcoming jobs report will provide additional economic context.
