In the nearly 100 days after Trump returned to the White House, the global capital markets have fallen into a "severe shock" driven by social media. From tariff raids to the threat of the Federal Reserve chairman's stay or leave, the politician, who is well versed in the "art of transactions", is rewriting the rules of the game on Wall Street with tweets. When the US dollar, US stocks and US bonds are collectively in disorder, gold declared a change in the throne of safe-haven assets at a record high of more than US$3,500 per ounce.

The erratic trend of U.S. stocks highlights a new reality that confuses investors: all price volatility is now driven by White House policies, which seem to be changing with almost no warnings, making it nearly impossible to predict the direction of stocks, bonds or the dollar next.

"It's very collapsed, and every day is just uncertain, uncertain, uncertain, uncertain, uncertain," said Jay Woods, chief global strategist at Freedom Capital Markets. Trump's operations also disrupted some habitual market signals, and the dollar has cut off normal ties with U.S. Treasury yields, which will decline even when U.S. Treasury yields rise as tight investors transfer funds overseas.

On Wall Street and overseas, Trump's policies have eroded confidence in the U.S. economy. His punitive tariffs have sparked widespread expectations, and the economy will slow down as corporate supply chains are disrupted and consumers prepare for potential inflation shocks. However, Wall Street analysts have been unable to predict the impact on corporate profits because they cannot clearly understand where these policies will eventually go. Meanwhile, Trump's fiscal plan puts pressure on the U.S. Treasury market, pushing up long-term yields as fears his policies will eventually increase the deficit and damage confidence in U.S. debt.

Gold has quietly risen to the market's "first choice" safe-haven asset, and all this has nothing to do with Trump. Gold prices soared as recent trade turmoil drove investors to safe-haven assets, hitting $3,500 an ounce on Tuesday, with more analysts predicting further rises in gold prices. JPMorgan expects gold to reach an average of $3,675 per ounce in the fourth quarter of 2025 and will reach $4,000 in the second quarter of 2026.

On the contrary, U.S. Treasury bonds and the dollar, which are competitive assets, declined. Treasury bonds have sold off in recent weeks, with 30-year Treasury yields hitting their highest levels since November 2023 earlier this month. Meanwhile, the US dollar index has been falling, and LSEG data shows that it has fallen by 8% so far this year.

While long-term U.S. Treasury yields have fallen from highs hit earlier this month and the dollar has strengthened slightly as Trump retracts remarks about firing Fed Chairman Powell, the position of U.S. assets among investors has taken a hit.

"While this is far from a story of the 'dollar demise of the dollar, to be fair, people's confidence in the United States and its economy and major assets - the U.S. dollar and U.S. Treasury bonds has weakened," said John Reade, a strategist at the World Gold Council.

When Trump's tweets became the world's biggest risk factor, this era is writing a new financial history. The prophecy of former Federal Reserve Chairman Greenspan is fulfilling: "Gold is the last means of payment. When the credit monetary system shakes, people will eventually return to this 5,000-year beacon." In this unprecedented migration of wealth, the only thing that is certain is that the old order is dead and the new order will live.

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