Weekly Market Update 04/02/2026

In this week's "Weekly Market Update," we break down a turbulent week of headlines that has led to significant volatility in single assets despite limited movement at the index level. We dive deep into the recent crash in gold and silver prices, driven by the flight of a Chinese metals trader and the unraveling of a "circular trading" ring—a scandal estimated to cost billions of yuan that echoes Jamie Dimon’s famous "cockroach" theory.

We also explore the pivotal nomination of Kevin Warsh as the next Chairman of the Federal Reserve. We discuss what his hawkish stance and desire to shrink the Fed's balance sheet mean for the US dollar, yield curves, and future interest rate cuts. Finally, we touch on the latest Q4 corporate earnings, the "no hire, no fire" state of the US labor market, and the sudden drop in oil prices amidst reports of upcoming negotiations between the US and Iran.