Given the choice between two historic ports in economic storms, gold or US bonds, investors have overwhelmingly opted for the former during the first two weeks of the second quarter as the new US administration’s ad hoc, tariff-driven policymaking continues to roil global asset markets.
A week that was turbulent even by the standards of US President Donald Trump’s time in office saw funds dedicated to the primary target of his tariff strategy, China, enjoy a banner week. Between them, EPFR-tracked China Equity, Money Market and Bond Funds absorbed a net $28 billion.
The second quarter kicked off with US President Donald Trump mapping out a path to ‘liberation’ built on the foundation of higher tariffs for nearly all of America’s trading partners.