Debasement trade

Gold and silver are both making new highs at the same time — something we have not seen in recent history. With no major inflation surge and no obvious supply shock, the message is clear: gold is not only an asset; it is also a currency. When confidence in fiat money is questioned, real assets regain relevance. Rising fiscal deficits, renewed debates around central-bank independence, and political interference — particularly in the US — are reviving demand for stores of value.

In portfolios, we address this theme in a disciplined way. Rather than holding non-productive assets directly, we favour indirect exposure through cash-generating businesses such as gold miners. We access this expertise via our in-house ISATIS Investment Global Natural Resources flexible fund, managed by the ECP team with decades of experience in natural resources, and used as a building block in our allocations.