Volatility returned to start the year, not just in financial markets, but in U.S. policy, driving geopolitical uncertainty amid widening global conflict. Even before recent events, this drove a flight to safety in precious metals, with swings in gold and silver prices, alongside a weakening U.S. dollar. Volatility extended to certain technology stocks, which, despite solid earnings, were punished for elevated capital spending, with concerns about the impact of artificial intelligence spreading beyond the sector.