Photographer: Cole Burston/Bloomberg The head of Picton Investments said bond markets will swiftly discipline the US if President Donald Trump appoints a Federal Reserve chair who’s seen as too malleable — and precious metals remain a good hedge against political volatility. “There is a relationship between the amount of Truth Social that gets posted and what’s happening in the debasement trade — that is, gold, silver and these commodity-based hedges,” said David Picton, referring to Trump’s preferred s ...