𝗧𝗔𝗖𝗢 - 𝗧𝗿𝘂𝗺𝗽 𝗔𝗹𝘄𝗮𝘆𝘀 𝗖𝗵𝗶𝗰𝗸𝗲𝗻𝘀 𝗢𝘂𝘁 - 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟰, 𝟮𝟬𝟮𝟲. Financial markets went through a turbulent phase at the start of the week. The opening sessions were marked by heightened nervousness, triggered by threats of new tariffs against Europe in the absence of an agreement on the Greenland issue. During his speech in 𝗗𝗮𝘃𝗼𝘀, the U.S. president ultimately eased tensions: a more conciliatory tone, a step back from tariff threats, and a clear rejection of any military option. This reversal allowed markets to regain some composure. That said, uncertainty remains elevated and visibility is still limited, sustaining underlying volatility. In this environment, gold continues to fully play its role as a safe haven. The price of gold reached a new all-time high at 𝗨𝗦𝗗 𝟰,𝟵𝟴𝟴, just shy of the symbolic USD 5,000 level. Since the start of 2026, the yellow metal has posted a strong +15% performance. This momentum has led major banks to revise their forecasts, with Goldman Sachs now targeting USD 5,400 by year-end. On our side, the portfolio remains well positioned, with 20% allocated to gold mining stocks, a strategy that continues to deliver. For many observers, this latest Greenland episode is yet another illustration of “Trump Always Chickens Out.” The playbook is now familiar: announce radical measures, create a shock, then de-escalate to extract tangible concessions. The goal is not escalation, but leverage - whether it involves expanding U.S. rights over strategic bases, securing long-term access corridors, or gaining exposure to Greenland’s mineral resources. Once the volatility spike fades, fundamentals take center stage again - and they are solid. U.S. growth continues to surprise to the upside: Q3 GDP revised up to +4.4%, Q4 GDP expected at +5.4%. At the same time, inflation is showing signs of easing, with Core PCE declining to +2.7% year-on-year. Between political de-escalation, robust growth, and better-controlled inflation, conditions remain supportive for a continued advance in equity markets. $NSDQ100 $SPX500 $GOLD ⚠️ 𝘙𝘪𝘴𝘬 𝘞𝘢𝘳𝘯𝘪𝘯𝘨: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘤𝘩𝘰𝘰𝘴𝘦 𝘵𝘰 𝘢𝘱𝘱𝘭𝘺 𝘪𝘵 𝘰𝘳 𝘯𝘰𝘵 𝘪𝘴 𝘦𝘯𝘵𝘪𝘳𝘦𝘭𝘺 𝘺𝘰𝘶𝘳 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘪𝘷𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.