By Friday, the market’s response was clear: investors rotated into hard assets. Gold ($GLD) and silver ($SLV) spiked sharply, marking their strongest weekly performance since June. The drivers are layered:
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• Fed credibility crisis.
• Tariff reversal undermining fiscal anchors.
• Rising inflation expectations.
• AI volatility raising fears of an overextended trade.

Bitcoin, notably, traded lower against equities—suggesting crypto is not yet reclaiming its “digital gold” role. Instead, traditional metals are reasserting themselves as the hedge of choice.