With gold surging through $3420/oz. for the first time ever this morning, many are pointing back to one of President Trump's Truth Social posts from yesterday. Trump wrote on Easter: "THE GOLDEN RULE OF NEGOTIATING AND SUCCESS: HE WHO HAS THE GOLD MAKES THE RULES. THANK YOU!". 

Recall, in early 2025, Donald Trump and Elon Musk publicly questioned whether Fort Knox still holds its gold reserves. Trump announced plans to visit the site, while Musk suggested a live-streamed inspection, saying, "Maybe it's there, maybe it's not."

Treasury Secretary Scott Bessent then responded by citing a 2024 audit confirming the presence of 147.3 million ounces of gold, with no major withdrawals in years. He added that senators can request a tour through his office.

Meanwhile, we've laid out a number of reasons we think gold is surging in our article out this morning here. 

"in a sign that investors are rotating investments away from the US, Deutsche Bank AG said that Chinese clients have reduced some of their Treasuries holdings in favor of European debt. European high-quality bonds, Japanese government bonds and gold are likely to be the potential choices for investors as alternatives to Treasuries, said Lillian Tao, head of China macro and global emerging market sales at the bank," we wrote earlier this morning.

While there was no specific catalyst for the suddenly collapse in the illiquid early Asian session, which saw many countries on extended Easter holiday, Bloomberg quoted traders that hedge funds are selling the dollar against virtually any currencies after National Economic Council Director Kevin Hassett said Friday that President Donald Trump is still exploring ways to remove Federal Reserve Chairman Jerome Powell, according to traders.

"The president and his team will continue to study that," National Economic Council Director Kevin Hassett said Friday when asked by a reporter if removing Powell was an option.

Hassett then suggested, accurately, that the Fed under Powell, who was appointed by Trump during his first term, had acted politically to benefit Democrats.

"The policy of this Federal Reserve was to raise rates the minute President Trump was elected last time, to say that the supply-side tax cuts that were going to be inflationary," Hassett said, adding that Fed officials opted not to go "on TV and at IMF meetings and warn about the terrible inflation from the obvious runaway spending from Joe Biden, and the obvious runaway spending from Joe Biden was textbook inflationary," Hassett continued. "And then they cut rates right ahead of the election."