Chart 1: DJIA and SP500 over the last 3 months compared with metals. Trump tariffs started April 2, 2025.

The stock markets around the world have been in sharp decline since President Trump announced his tariff plan on the world beginning April 2. We’ve been told that gold (and silver by extension) is just a “relic of the past”, a “pet rock” that has no value.

But take a quick look at some of the metals, including gold and silver, compared to the Dow Jones Industrials (DJIA) and the S&P500 Index over the past 3 months and you’ll see that the price of gold fell the least. And though silver fell by a significant12% from its recent high it is still in positive territory.

From January 6 to April 7 the Dow was down 11.1% and the S&P500 was down 15.3% while gold was up 14.5%. So which is the pet rock now?

Gold is the safe haven and the wise investors, including the big banks, all know this. Chart 2 shows the gold price in US dollars over the past 300 years. The red line is a resistance line that seems to be broken through in 2025 with an all time high of US $3086 (over this range). That is 160 years to break through.

Chart 2: The price of gold over the past 300 years.

Based on chart 2 I would say that gold will be around for a long time yet. It hasn’t lost its shine!

Chart 3: Equally weighted index of 10 largest share markets

Tariffs may come and tariffs may go but gold (and silver) live forever. Well, as long as the Earth remains anyway.


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