Amid tariff uncertainties, inflationary pressures and geoeconomic strife, there is no shortage of market, macro and geopolitical risks to feed market volatility. To get a sense of the turmoil navigated by investors this year compared to last, Chart 1 shows the realised volatility of gold, US stocks and US Treasuries. Volatility has increased in both equity and gold markets, on the back of a supercharged geopolitical and geoeconomic enviromnent, with a significant surge in equity volatility around the initial tariffs announcement earlier in 2025. US treasury volatility on the other hand has been on a declining trend. ... (full story)