Commodities

In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.

Today we are going to look at some of the uncertainties in our world and then explore some ways to gain a little certainty.

President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.

The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.

Stock markets have been rattled by trade war tensions and economic uncertainty driven by US tariff policies. Yet history suggests that equities have usually performed well in the aftermath of peak market volatility.

Cryptocurrency prices, including bitcoin’s, have been turbulent this year. That’s weighed on shares of miners. Some relief could be in sight.

With Congress out for the next two weeks for Easter recess and a short trading week in New York, it should be a quieter week – though tariff-related news continues to capture headlines.

In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.

2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.

The reciprocal reprieve does not alter the tectonic shift in the trade outlook.

Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.

Some of the reasons, but not the only ones, why our trade deficits are so large is because government expenditures are too high and/or we are not collecting enough taxes.

Between raising and lowering tariffs on imported goods, President Donald Trump made time last week to sign an executive order aimed at reviving America’s “beautiful clean coal industry.”

The American consumer is tapped out. The savings buffer is gone, wage growth is declining, and credit costs are rising. Corporate America is already adjusting to this new reality, with companies issuing cautious guidance for 2025.

On Monday, April 7, the S&P 500 dropped as much as 4.7% at the session low before whiplashing higher on reports of a potential tariff delay—closing the day up 3.4% from Friday’s close.

Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.

You probably noticed we are having one of those “weeks when decades happen.” Notice also, however, that we are still here. Your investments and businesses may be bruised but you’re still in the game.

After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.

On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.

Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.

Earnings season begins with companies adjusting on the fly to tariffs. This could give investors insight into strategies firms are taking and how businesses might be affected.

On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”

Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.

Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.

Global equities faced fresh challenges in the first quarter of 2025 amid growing trade-war concerns and developments in artificial intelligence (AI).

With the financial markets still wrestling with the tariff announcements from last week, one thing is still certain: uncertainty remains an integral part of the investment landscape.

In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.

The April 2 “reciprocal” tariff announcement has introduced a considerable amount of uncertainty and confusion about the path ahead and the end game for President Trump.

VettaFi addresses common questions on midstream/MLPs, oil prices, recessions, and tariffs following last week’s equity sell-off.

With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,

An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.

While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.

While the path may have twists and turns, the destination seems clear; higher U.S. tariffs.

Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.

The international trading system is not perfect, but as we have said so many times, freer trade is better than no trade and tariffs are, typically, the worst solution to trade issues between countries.

Good news: Tariffs will not make the world end. American businesses will do what they do best, which is adapt. While the probability of a recession has increased, we always get through it and the best businesses thrive. Unless directly affected by tariffs, don’t change your personal plans that much.

Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.

The 10% across-the-board (ad valorem) tariff and specific reciprocal tariffs on most U.S. trading partners went well beyond what most were expecting.

The incremental tariffs were bolder than market expectations and ushered in new uncertainty.

If tariffs are imposed on gold and silver will their prices rise, fall, or stay the same? We explain facts and myths when it comes to gold prices and tariffs.

The tariff chaos continues … but the economy remains intact. For now.

U.S. stocks underperformed in the first quarter of 2025, hit by a double whammy from intensifying policy uncertainty and a U-turn in select mega cap stocks.

We examine the April 2 tariff announcement from President Trump, outlining key proposals and the potential implications for trade and market sentiment.

As volatility rises, staying invested is a strategic priority for capturing long-term return potential in a broadening market.

U.S. indexes suffered their worst day since the pandemic, hurt by Trump's massive tariffs that sparked recession fears. Almost every sector fell, with retailers and tech hard hit.

We’d like to discuss our three worst-performing securities in the US portfolio to help our investors understand why we are sitting on our hands and allowing our discipline to proceed.