Political instability is the baseline these days, no?

In the past 24 hours, we’ve lost high-ranking political leaders in Japan and France and neither the yen nor euro have really cared. The thing is, if you’re fleeing political instability, where are you going to go?

The UK? The USA?

Good luck with that. Instability is everywhere and that reality is seemingly priced in. All roads lead back to Washington and how Trump’s tariff war plays out.

In the meantime…more records for gold today.