Perspectives
Discover the key movements and emerging trends shaping global markets. Our biweekly publication provides a concise overview of the most relevant shifts and insights to help you better understand the forces driving today’s financial landscape, with additional editions issued as warranted by significant market developments.
Gold: a strategic asset in a changing macro and geopolitical landscape
Layered investment thesis evolving from financial to structural drivers: The initial support for gold emerged in 2022–23 as real rates approached cyclical peaks. The framework subsequently broadened to incorporate deeper macro and institutional shifts.