‘Liberation Day’, announced on the April 2, was a game-changer and yet another warning shot fired by the Trump administration. The ensuing 90-day pause brought additional volatility to the markets, resulting in sharp fluctuations that felt like financial whiplash. The global tectonic plates are shifting, and everyone must adjust.

“The trend is your friend, until the end when it bends.” This old Wall Street saying feels particularly relevant after the first quarter of the year. While Team Trump pushes to “Make America Great Again”, US investors are selling their positions in the Magnificent Seven to buy some European and Chinese equities. Meanwhile, ‘risk-free’ German bonds had their worst time since the fall of the Berlin Wall. Buckle up!

Gold is shining brighter than ever. After delivering a 27% gain in 2024, it has carried its momentum into the new year, climbing higher each week and setting new records. This powerful rally leaves investors wondering how much upside remains for bullion.