John Tucker

Gold smashing through $5,000 an ounce.

Right now, $51.21 an ounce.

It has pushed even higher, extending that breakneck rally.

Silver also spiked earlier to a record above $110 an ounce, gaining for a third day.

Erratic policymaking and attacks in the Federal Reserve, combined with increasing public debt, all fueling the surge.

Call it the debasement trade.

As one portfolio manager puts it, gold is the inverse of confidence.

And the dollar continues to weaken.

There are signs the U.S.

is going to join Japan in a coordinated foreign exchange intervention.

Investors debated how any joint intervention to support Japan might further worsen sentiment toward the dollar.

The U.S.

currency just experienced its worst week since May.

And if that's not enough to absorb this morning, Wall Street also looking to tech earnings this week.

Meta, Apple, Tesla, and Microsoft all reporting.

In New York, I'm John Tucker, Bloomberg Radio.

Yeah, Nathan, gold's smashing through $5,000 an ounce right now.

$51.19.

It is being fed by President Trump's reshaping of international relations.

Gold's dramatic gains underscore its historic role as a gauge of fear in the markets.