All That Glitters Is Not Gold

Last week’s tariff debacle kicks off a period of heightened global policy uncertainty under the new US administration. That is bad news for financial assets exposed to the business cycle. Meanwhile, it creates an opportunity for safe-haven assets to shine.

Gold is capturing headlines for soaring to fresh record highs.

Yet, what about the other precious metals?

In this report, we argue that not all precious metals are created equal.