Gold and silver’s surge is acting like the market’s “end of slowdown” whisper — safe havens flash first, then base metals often follow if real demand and benign rate cuts arrive. But not all easing lifts industrials — only when factories hum and construction flows. And markets are starting to treat Trump’s “TACO” tariff drama like a sitcom rerun: scare, then back down, rinse, repeat. If the Fed actually cuts without recession and demand stays solid, base metals could finally join the party — but don’t mistake political noise for real industrial strength.
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