Under the leadership of newly appointed Fed Chair Kevin Warsh, the Federal Reserve has taken a strict anti-inflation stance, keeping interest rates elevated at 3.50%–3.75%. This has pushed the US Dollar Index (DXY) to near one-year highs, creating a heavy drag on non-yielding assets like silver. The signing of a US–Iran Memorandum of Understanding significantly reduced the geopolitical premium. Oil prices normalized back to pre-conflict levels (near $59–$62), which greatly eased immediate inflation anxieties that had previously driven investors into precious metals as defensive safe havens. The sudden macro shifts ... (full story)