<h1>Record gold and silver prices amid shutdown and expected Fed cuts create legal, compliance and market-risk challenges for firms</h1> Prolonged US government shutdown and expectations of Federal Reserve rate cuts have driven gold and silver to record highs, raising legal and compliance considerations for market participants: heightened price volatility increases disclosure, suitability and fiduciary risks for investment advisers and fund managers; exchanges and regulators may scrutinize speculative positions, large ETF flows and potential market manipulation; cross-border central bank purchases and de-dollarisation trends could implicate reserve management rules and reporting obligations; supply deficits and industrial demand create counterparty and delivery risks for commodities contracts; firms should review risk-management, margining, client communications and regulatory reporting to mitigate enforcement and investor-protection exposures.