Embracing Volatility

Navigating equity and precious metals bull markets as volatility returns

Summary

It’s been a wild ride in precious metals recently, starting with the 30th January decline in silver being one of the largest single intra-day declines in over 250 years. And yet, silver is up +9% year-to-date and +118% over the last 12 months. Gold also experienced heavy selling last week, yet gold is up +15% year-to-date and +53% over the last 12 months. Volatility is rising in precious metals as the bull market develops. More on that later. Our multi-asset strategy has returned +10% so far in 2026 after a strong +45% last year. Our Gold Trader strategy is +5% in 2026 year-to-date after a record +49% in 2026. Has the recent volatility across equity, fixed income and commodity markets changed our current views and outlook? To find out more, let’s dig in.