Trade Policy/Protectionism
The rise of the far-right is challenging mainstream German politics. The CDU/CSU and SPD will govern Germany again after the election. A ceasefire in Ukraine will offer some relief, but Trump’s policies will keep tensions high.
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.
Europe is about to become President Trump’s next target. The good news: a US/EU trade war will be short as common ground to achieve a deal exists. The bad news: European assets remain at the mercy of heightened uncertainty. How should investors position themselves in this tricky context?
