Safe Havens For Today's Over Levered World  -- Gold And International Equities.

2025-11-05 06:00:52 ET

Capital markets performance has been dominated this year by the new administration’s efforts to implement its Make America Great Again agenda. Trump’s Liberation Day tariff plan led to a sharp decline in the S&P 500 as the uncertainty of his tariff focused renegotiation of global trade agreements was greeted with fear, panic, and partisanship. Despite broad skepticism, markets have rallied to new heights as the administration’s trade team has successfully renegotiated new agreements or framework agreements around the world. Combined with nearly $20 trillion in announced foreign investment, and a Federal Reserve in easing mode, the US market has rallied to new market highs. Because we are near record market highs and confidence is high, we are reiterating our past advice of allocating to gold, gold miners, and international equities. In recent months renowned investors and institutions including Jeffrey Gundlach, John Paulson, Ray Dalio, and Morgan Stanley are also allocating into gold and international equities....

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