Economic Outlook - Hungary seeks economic boost from meeting with President Trump [1] - Hungary aims to be shielded from the impact of sanctions on Russian oil [1]

Core Viewpoint - The recent volatility in gold prices indicates that US equities may serve as a better hedge against inflation over the long term, according to the chief investment officer at Bank of New York's wealth division [1][2][7]. Group 1: Gold and Silver Market Analysis - Gold experienced a significant decline of 6.3% on Tuesday, dropping from an all-time high of nearly $4,400 per ounce to $4,142 [1]. - The silver spot price also fell over 8% on Tuesday, decreasing to approximately $47.79 [1]. - The rally in gold prices was partially attributed to the falling US Dollar Index, which has decreased about 11% from the start of the year to September but has risen about 2.4% since mid-September [3]. Group 2: Investment Strategy and Economic Outlook - BNY Wealth is skeptical about gold as an investment due to its volatility and has not tactically invested in it during its price rise [2][7]. - Concerns regarding the depreciation of US Treasurys, which previously drove investors to gold, are considered overdone by BNY Wealth [4]. - The firm is optimistic about the US economy, predicting a growth rate of about 1.8% this year and 2% next year, driven by the strength of the tech industry and productivity growth [8]. Group 3: Equities vs. Commodities - BNY Wealth maintains an overweight position in US equities, anticipating they will outperform the broader market [6]. - The chief investment officer emphasized that equities are a more effective long-term hedge against inflation compared to commodities like gold and silver [2][7].