Core PCE now-cast hit 2.9%, showing inflation remains sticky and above target, adding uncertainty to Fed rate-cut expectations.

Ratio charts reveal metals surging, equities weakening, and valuations stretched. Gold, silver, and palladium lead as stock indexes look fragile.

Silver’s explosive rally pushes the Gold/Silver ratio near its long-term mean as traders debate whether the white metal’s run is over. Gold wavers ahead of the Fed decision, with markets watching for a rate cut that could propel both metals higher.

A look at USAF: an all-weather ETF using gold, T-bills, options, and defense exposure to mimic AGG without the rate sensitivity.