Every bull market gets compared to a bubble. When prices rise too fast or too far, investors reach for history’s easiest headline. The latest: “AI is the new dot-com.” But it’s not!

Trade frictions are back in the spotlight—with heightened U.S. tariffs reigniting recession fears, pressuring the dollar and boosting gold’s rally. The current regime may yield lower but more enduring inflation and reshape the Fed’s rate-cut paths.