The Globe and Mail reports in its Tuesday, April 15, edition that as U.S. President Donald Trump intensified his tariff war, gold surged to record highs, reaching $3,245.28 (U.S.) an ounce on April 11, an increase of 28 per cent since its low of $2,536.71 (U.S.) on Nov. 14. A Reuters dispatch to The Globe reports that gold is serving as a safe haven for investors amid market chaos sparked by Mr. Trump's "Liberation Day" tariff announcements on April 2, which disrupted equities, bonds and some commodities. Mr. Trump's 90-day reduction of tariffs to 10 per cent for most countries, while maintaining a 145-per-cent rate on China, has failed to reassure financial markets seeking stability. The uncertainty has also led to some serious questions being asked about the role of U.S. Treasuries as the ultimate safe-haven asset, with investors questioning whether this role is being undermined by Mr. Trump's tariffs. The nerves over the role of the U.S. dollar as the global reserve currency and U.S. Treasuries as the safest haven are no doubt positive for gold. The problem for gold is that it is as much of a hostage to Mr. Trump's erratic and inconsistent trade and economic policies as any other asset.