John Tucker

Fresh from its best annual performance since 1979,

It's risen about 18% so far this year, largely due to the so-called debasement trade, swelling public debt.

That has become another key pillar of gold's rally.

In the meantime, the dollar has fallen almost 2% in six sessions.

There is speculation the U.S.

may assist Japan in efforts to boost the yen.

This is just adding to worries over Federal Reserve independence.

And President Trump's erratic policymaking, silver also spiking to a record.

It was above $110 an ounce, gaining for a third day.

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

Good morning, Karen.

The de-escalation intentions help the S&P 500 recover just about half its 2.1% drop from the day before and pull closer to its all-time high.

The Dow Jones Industrial Average jumped 588 points, 1.2%.

The Nasdaq climbed 1.2%.

The S&P 500 back in positive territory for the year.

Allison McCartney at UBS Financial Services says, you know what, the factors behind the bull market, they really haven't changed.

A UBS basket of stocks exposed to tariffs that closed up 2.7%.

President Trump has a history of making big threats that send financial markets sliding only to pull back later.

The pattern giving rise to the TACO acronym, suggesting Trump always chickens out if financial markets react strongly enough.

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