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The nomination of Kevin Warsh to serve as the next Chair of the Federal Reserve from May pushed the US dollar slightly higher, while gold and silver fell sharply in a deleveraging move that began in Asia.

The mining rally in 2025 was led by precious and base metals, with gold miners up roughly 150% year-to-date, and prices for gold, silver, and copper all at record highs.

Solid – but not overheated – growth could create fertile ground for carry-focused fixed income strategies in 2026.

Global power demand is entering a new and sustained growth phase, marking a clear shift from the flat or declining trends seen in developed markets over much of the past two decades. This change is being driven by the need to upgrade infrastructure and by rising power demand not seen for years in developed economies.

As we enter 2026, we maintain a constructive stance on gold, reflecting a widening investor base and its continued role in portfolio diversification.

The technology sector continues to be at the forefront of innovation, driven by the rapid adoption of artificial intelligence (AI).