After a strong rally, US and European markets paused, with major indices closing lower amid a more cautious mood. In Europe, Ferrari’s downward revision to guidance and HSBC’s restructuring in Hong Kong weighed on sentiment, even as Germany’s DAX reached a fresh intra-day high. Geopolitical developments dominated headlines, with Israel and Hamas agreeing to a ceasefire. Gold and oil prices retreated on the news. Meanwhile, silver surged past USD 50 an ounce for the first time ever yesterday. China’s expanded restrictions on rare earth exports triggered a rally in US mining stocks, underscoring strategic tensions in global tech supply chains. In fixed income, US Treasury yields edged slightly higher amid ongoing uncertainty around a potential government shutdown, and Fed Governor Barr cautioned against premature rate cuts. In Asia, South Korea’s Kospi outperformed, buoyed by strong performances from AI-driven chipmakers. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who shares insights on precious metals, the US dollar, and the Japanese yen.