Gold is the new bitcoin

Investors are a nervy bunch, aren't they? Apparently bitcoin was going to be the new gold in our brave new digital age. It now appears that gold itself has remained the go-to asset in uncertain times. We had been hearing in recent weeks about people buying gold, which has now surged to an all-time high price of $3,500 per ounce.

"Investors have been giving a wide berth to US assets amid tariff worries and Trump-Powell dramas, which has kept gold in prime position to capitalise on the dollar's woes," said Tim Waterer, chief market analyst at KCM Trade, reports RTE.

"Trump reiterated his call for an immediate reduction in interest rates yesterday, warning that the US economy could face a slowdown, while criticising Powell's stance to keep rates unchanged until clarity on the inflation impact of Trump's tariff plans."

Mr Trump has given Jerome Powell the nickname 'Mr Too Late', which seems to be setting something up. Brian Nick, MD of wealth manager Newedge in Connecticut said it was the first day of a big selloff not preceded by major tariff news.

"But I'm actually oddly encouraged by some of what we're hearing the president say about Powell now," he told Reuters. "He seems to be pivoting from wanting to fire him, which would be remarkably disruptive, to preparing to blame him for whatever the fallout is from all these policies."