Gold and silver continue to push to new record highs as markets position for rising geopolitical uncertainty across Europe and the Middle East, alongside renewed concerns over Federal Reserve independence. These concerns intensified after Federal Reserve Chair Jerome Powell confirmed he is under criminal investigation related to the $2.5 billion renovation of Federal Reserve buildings in Washington, D.C.

Powell stated that the investigation stems from frustration within the Trump administration over interest-rate policy and described the probe as an attempt to “intimidate” the central bank. This development is historically unprecedented and has had immediate market implications.

The U.S. Dollar Index (DXY) and equities moved lower to start the week, while Treasury yields and precious metals moved higher—a somewhat unusual correlation that historically tends not to persist for extended periods.

With markets continuing to price in stable, or even accelerating, economic growth in the United States, hard assets such as precious metals have attracted sustained inflows.

However, potential turbulence could emerge later this week. The U.S. Supreme Court is expected to announce additional rulings, with market participants speculating that decisions related to the legality of existing tariffs may be included. If a significant portion of tariffs are struck down, several metals, particularly silver and copper, could see near-term pressure, as both benefited last year from tariff-related supply concerns.

The current rally in precious metals underscores a broader shift in market psychology toward hard assets amid political uncertainty, questions around central bank independence, and evolving trade policy risks. While near-term volatility remains a possibility, especially surrounding Supreme Court rulings, the underlying demand for gold and silver reflects a growing desire for stability in an increasingly uncertain macroeconomic environment.

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