A Friday synthesis of the week's biggest moves across metals, equities, energy, FX, and rates — plus what to watch next week.
Gold surges to an all-time high of $4,671.60/oz driven by the 'debasement trade' after the Treasury announced it will double long-bond buybacks — not rate-cut expectations. The Fed holds rates with a hawkish dissent, and equities keep setting records in the same atypical 'everything rallies' regime.
The US-Iran conflict re-escalates and closes the Strait of Hormuz again, but WTI rises only 4% while the S&P 500 and Dow hit fresh records. The Fed revises its dot plot toward a hawkish tilt and gold slips despite the geopolitical tension.