Gold at new high and stocks rebound

Fresh record for gold
“First tariffs and now the Fed chairman. Trump continues to make investors fret about the outlook for the US and the global economy. Faced with this, the global investment community continues to pile into gold, which has made a fresh record today of $3500. Gold is an unlikely successor to 2024’s fever-driven Mag7 rally, but so long as investors spend their time worrying about the next crisis the metal should continue to gain.”

Stocks claw back Monday’s losses
“Looking at today’s rebound for equities, you might be forgiven for thinking that financial markets have forgotten all about Trump’s threats to fire Powell. Volatility on both up and down days is a given right now, but Tesla’s earnings tonight could well determine the near-term direction. In the short-term, the path of least resistance seems to point higher, especially since the real impact of tariffs is unlikely to show up in this quarter’s round of reports.”