Group 1: Gold Prices - Gold prices reached a record high of $4,445.8 per ounce, with spot gold trading at $4,414.99, marking an increase of nearly 70% since the beginning of the year [1] - The surge in gold prices is attributed to the decline of risk assets, reinforcing gold's status as a safe haven during economic or geopolitical uncertainty [1] Group 2: Silver Prices - Silver prices also hit a record high of $68.96 per ounce, with spot silver at $68.98, reflecting a 128% increase since the start of the year [2] Group 3: Economic Context - The Federal Reserve's interest rate cut on December 10 has led to a return of optimism in AI stocks, but economic speculation for the upcoming year has made global investors cautious [4] - Significant fiscal deficits in the U.S., U.K., Europe, Japan, and China have contributed to the resurgence of gold's monetary value, as noted by Matthew McLennan from First Eagle Investments [5] Group 4: Gold as a Hedge - McLennan emphasized that gold's value as a potential hedge has become more rationally valued, leading to a rise in other precious metals as well [6] - The long-term fiscal credibility of the United States is crucial for maintaining an independent Federal Reserve and a rational chair, according to McLennan [8] Group 5: Labor Market Insights - McLennan is monitoring wage inflation and its relationship with job openings and corporate earnings, which have recently shown an upward trend [9]

So, who do the markets want in the Fed chair position. What's really at stake in that race. And how much risk is there in the AI trade right now.Let's bring in Peter Bookvar. He's the chief investment officer at OnePoint BFG and a CNBC contributor. And Matthew McClennon is co-head of the global value team at First Eagle.By the way, lead manager, five-star rated Morning FAR Fund, Global uh First Eagle Global Fund, up 19% this year, outperforming the S&P. So, you get a little pat on the back. Um, and you can ...

Equity investors are bracing for one of the most keenly anticipated UK budgets in years, as Chancellor Rachel Reeves looks for an estimated £30 billion ($39 billion) to plug a hole in the public finances and restore fiscal credibility https://t.co/39AF9M9dVL ...

Fiscal Concerns - Debt levels are high in many NATO countries [1] - Fiscal credibility of many NATO countries is under strain [1] - Many NATO countries have only just managed to reach the 2% spending target [1] - The new higher spending pledge may encourage budget-fudging [1]

Fiscal Credibility & Market Sentiment - Markets express skepticism regarding the UK government's fiscal credibility, indicated by bargain-basement pricing of British assets [1]