Gold Shatters Records at $3,500 as Stocks & Dollar Rally—What’s Next?
Gold just pulled off a historic rally—smashing through $3,500 for the first time ever. Meanwhile, US stocks and the dollar are surging like they’ve got a hot date with the Fed’s printer. Here’s the breakdown.
The Golden Bull Run
No, it’s not a mirage—gold just breached $3,500. Safe-haven demand? Inflation hedge? Or just traders piling in because everything else feels like a casino? (Spoiler: Probably all three.)
Stocks & Dollar Join the Party
While gold’s stealing headlines, the S&P and Nasdaq are flexing new highs. The dollar’s riding the wave too, because why not? Central banks might talk tough, but markets know the drill: pump now, ask questions later.
The Cynic’s Corner
Let’s be real—this is what happens when ‘transitory’ inflation meets permanent optimism. Gold at $3,500? Just wait until Wall Street slaps a ‘digital gold’ narrative on Bitcoin and sends it to $100K. (You know it’s coming.)
Tariffs trigger market adjustments
President Donald Trump’s “reciprocal” tariffs went into effect at midnight Thursday. The highest duties included 41% on Syria and 40% on Laos and Myanmar. Earlier in the day, stocks got a boost after TRUMP confirmed his 100% tariff on imported semiconductor chips would exempt companies “building in the United States.”
The US dollar strengthened after Bloomberg reported that Federal Reserve Governor Christopher Waller is a leading contender to be nominated as Fed chair by Trump’s administration.
Waller has met with members of Trump’s team but not the president. Meanwhile. Trump announced his nomination of Stephen Miran, current chair of the Council of Economic Advisors, to replace Adriana Kugler on the Federal Reserve Board of Governors. Miran will serve until January, completing the remainder of Kugler’s term after her resignation last week.
The dollar index rose 0.18% to 98.36, while the greenback gained 0.1% to 147.49 yen. The British pound advanced 0.41% to $1.341 after more Bank of England policymakers than expected voted to keep rates unchanged, despite a 25 basis point cut.
The euro dropped 0.27% to $1.1627, after reaching $1.1698 earlier on hopes of progress in talks to end the war in Ukraine. Russian President Vladimir Putin and Trump are scheduled to meet in the coming days following talks between Trump’s envoy Steve Witkoff and Putin.
The dollar rose 0.16% to 0.808 against the Swiss franc after Swiss President Karin Keller-Sutter returned from Washington without securing a deal to avoid a 39% tariff on Swiss exports. Keller-Sutter said discussions with US officials will continue.
In the crypto market, Bitcoin gained 1.06% to trade at $116,348. By week’s end, the S&P 500 is set for a 1.6% gain, the Dow for 0.9%, and the Nasdaq for 2.9%.
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