Maria Aspin
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Gold and other precious metals are traditionally seen as safe haven investments, meaning investors buy them when they're anxious about more mainstream assets like stocks and bonds.
Gold has smashed several records in the past year, as President Trump wages a trade war against United States allies.
It crossed the $5,000 mark after a weekend in which Trump threatened new tariffs against Canada, and federal officers fatally shot a man in Minneapolis, stoking Wall Street fears of a federal government shutdown.
Gold prices are rising as investors sell dollars, as part of what's become known as the Sell America trade.
The president is seeking $5 billion in damages.
He alleges that JPMorgan Chase closed his accounts in 2021 after the January 6th attacks on the U.S.
Capitol as a result of, quote, political and social motivations.
A JPMorgan Chase spokesperson tells NPR via email that the lawsuit has no merit.
and that the bank, quote, does not close accounts for political or religious reasons.
Trump has attacked several big banks over what he calls debanking conservatives.
Last year, he sued Capital One over similar allegations.
And in August, he issued an executive order targeting what he calls politicized or unlawful debanking.
Banks have said they close accounts due to legal and regulatory risks.
Maria Aspin, NPR News, New York.
Wall Street had largely shrugged off President Trump's dramatic and ongoing trade war in recent months.
The Dow is up about 10 percent since his second inauguration one year ago.
But now, Trump has threatened to impose more tariffs on goods from eight NATO countries in Europe.
unless those countries bow to his demand that the U.S.