Precious metals maintain their appeal as safe-haven assets in a world full of uncertainties.

Precious metals have once again regained their position as safe-haven assets in the midst of a global economic scenario plagued by uncertainties. With gold leading the way, followed by silver and platinum, these assets have shown strong performance so far this year, with accumulated appreciations that are highly attractive to investors. Despite a slight deflation in their prices since reaching their highs in May, the appeal of these metals remains evident to many. Analysts attribute the renewed interest in precious metals to several key factors, including the "safe-haven asset" status that gold holds in times of high indebtedness, pronounced fiscal deficits, and persistent geopolitical tensions. Uncertainty surrounding monetary policy and elections in various regions of the world also contribute to fueling the demand for these assets, which appear to have solid backing from investors. James Luke, a fund manager at Schroders, highlights the possibility of a sustained movement towards gold, driven by the dynamics between developed and emerging powers, as well as the fiscal fragility affecting various economies. Luke suggests that the gold mining sector could experience significant growth in the coming years, reinforcing the idea of including gold equities in a long-term investment strategy. On the other hand, Wisdom Tree points out that factors such as geopolitical risks and the outcomes of electoral processes can influence the demand for gold, making it an indicator of the population's satisfaction or dissatisfaction with political events. According to their projections, gold could reach $2,500 per ounce in the first quarter of 2025, in a consensus scenario. Rodrigo Cebrián, from Edmond de Rothschild, highlights the unusual simultaneous bullish movement of interest rates, the dollar, and gold, partly driven by accelerated purchases by large holders such as central banks. Cebrián suggests that this behavior could be motivated by fear of the impact of the high U.S. fiscal deficit and the consequent search for refuge in assets like gold. Jacques Hirsch, of Carmignac Portfolio Patrimoine Europe, mentions the increasing demand for gold from central banks and Chinese retail investors, as well as political uncertainty in Europe, as factors supporting the metal's strong performance. The possibility of gold continuing to deliver positive results seems plausible in this context. Michaela Huber, of Vontobel Boutique, highlights the demand for gold as a safe-haven asset in an environment of excess liquidity and concerns about future monetary policy. Huber suggests that gold, like bitcoin, positions itself as an alternative store of value in times of economic uncertainty. Víctor Alvargonzález, of Nextep Finance, points out the pressure from some central banks, such as those of Russia and China, to diversify their reserves away from the dollar, as well as the fear generated by the massive issuance of public debt in the U.S. and Europe. Alvargonzález emphasizes the volatility of gold as an asset, recommending its inclusion in conservative portfolios steadily and long-term, as insurance against risks such as inflation and geopolitical conflicts. In summary, the bullish trend of precious metals, especially gold, continues to attract investors in a context marked by global economic and political uncertainty. As risks intensify and tensions sharpen, these assets consolidate their position as safe and profitable options to safeguard capital in a volatile and changing environment.