Goldman: "A scenario where Fed independence is damaged would likely lead to higher inflation, lower stock and long-dated bond prices, and an erosion of the Dollar’s reserve currency status. Should private investors diversify more heavily into gold, we see potential upside to gold prices to well above our 4,000 mid-2026 baseline. As a result, gold remains our highest-conviction long recommendation." In retrospect, Trump should appoint Barron as next Fed chair.(zerohedge)