The spot price of gold hit an all-time high of $2,799.71, even with Chinese markets closed for the Lunar New Year holiday. It is up 6% for the month of January. On Jan. 30, U.S. President Donald Trump said he would impose 25% across-the-board tariffs on Mexico and Canada on Feb.

Investors turned more bullish on gold as President Trump was signing the various Executive Orders that would begin enacting his aggressive policies. As a result, the SPDR Gold Shares ran through the top of its range at $250, initiating what is referred to as a “Volatility Rally”.