Investors are pulling out of the stock market and piling into gold. That is the evaluation of a Russian financial expert quoted by Kommersant, reported in an article headlined “Trump’s Rhetoric Drives Gold Prices to All-Time Record.” The article reports gold just broke $3,100 per troy ounce for the first time ever, while U.S. stocks had their worst quarter since 2022. Mikhail Shulgin, chief analyst at Rosgosstrakh Life insurance company, told Kommersant: “Investors have been selling U.S. stocks as they fear that a new wave of Trump’s tariffs will spark inflation and effect economic growth, which could possibly trigger a recession in the U.S. economy. So, by selling risk assets, investors are looking for a secure haven where demand for Treasury bonds and gold is strengthening.”