An exciting, opportunity-laden investment year is drawing to a close. Financial markets have remained remarkably resilient in the face of geopolitical turbulence and a hyperactive US administration. Economic momentum is subdued, yet companies are doing well. Equities remain our no.1 choice.

All precious metals have enjoyed a spectacular run since the start of 2025. Gold has significantly beaten our USD 4,000 price target and continues to gain technical momentum. Silver has wasted no time breaking through the long-term resistance level at USD 50, while platinum is nearing resistance at USD 1,743, and palladium has likewise made solid gains. In technical terms we expect further upside potential for all four precious metals, thus reaffirming our positive assessment.

The new investment year started turbulently – at least where geopolitical developments are concerned. The pace in this trend was set by the US.

The new US Administration under President Donald Trump has ushered in a turbulent market environment. Equity markets initially breathed a sigh of relief following the postponement of the planned tariffs, but there are plenty of reasons to anticipate a continuation of the uncertain environment and headwinds for the economy. Our positioning remains defensive for the time being.

The announcement of new tariffs by US President Donald Trump triggered sharp falls on the equity markets. Initially the US stock market above all was badly affected by the sell-off. But last Friday the European bourses and Swiss stocks also took a beating. The sell-off has been continuing today, and the past months’ encouraging gains have vanished into thin air. We had already reacted to the growing economic and political uncertainties by aligning ourselves more defensively. Currently we are continuing to take profits and reducing our equity exposure.