Under the impact of tariff shocks, why do gold and silver seem to be the most calm and composed?

When Donald Trump pushed forward with tariff policies, global assets began to revalue. Risk assets experienced increased volatility, while gold and silver remained calm. This contrast is a reflection of safe-haven logic.
Rising tariffs may trigger inflationary pressures while also suppressing economic growth. Under concerns of stagflation, the market often favors defensive assets. Gold, due to its scarcity and global acceptance, becomes the first choice. Silver, on the other hand, forms an elastic amplification effect between safe-haven demand and industrial needs.
From the perspective of capital flows, safe-haven buying is often concentrated and swift. Institutions increase their allocation of precious metals in portfolios to hedge against policy risks. This allocation behavior may not be sustained, but it is particularly evident during periods of policy sensitivity.
Of course, if trade frictions ease or macroeconomic data remains strong, safe-haven demand may decline. The rise in precious metals is more about risk hedging than a deep pessimism about the economy.
To put it simply, the market is like a roller coaster, with tariffs being sudden sharp turns. Gold and silver are like seat belts—they may not make you the most money, but they help you sit more securely.
In summary, the rise in gold and silver is not an emotional outburst but a rational market adjustment. The higher the policy uncertainty, the more attractive safe-haven assets become. But the true trend still depends on whether macro and policy directions continue to ferment.