Possible scenario
Narrow Tariff Action
25% Chance
A narrower policy move remains plausible if the administration wants to preserve negotiating leverage without disrupting bullion, auto-catalyst and electronics supply chains. This would target selected forms or countries rather than the full silver and PGM market.
Initial impacts
- Copper Up
Secondary impacts
- Non-Energy Materials -0.1%
- Industrials -0.1%
- Consumer Cyclicals -0.1%
Portfolio impact
S&P 500+0.0%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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