Precious metals shine as a financial refuge in an uncertain world.

Precious metals, especially gold and silver, have regained their prominence in the financial market as safe-haven assets in an economic environment rife with uncertainty. Despite experiencing a slight setback in their prices after reaching yearly highs in May, their performance remains strong so far this year. Gold has seen an increase of 14.35%, silver has appreciated by 28.62%, and platinum by 3%, while palladium has shown a decline of 15.29%. These numbers have propelled specialized investment funds in the "gold and precious metals" sector to record significant gains in recent months, surpassing 15% in some cases. The upward trend of precious metals has been supported by various factors identified by experts in the market. Firstly, gold has benefited from its status as a safe-haven asset in times of high indebtedness, fiscal deficits, geopolitical tensions, and uncertainty about monetary policy. This combination of factors has created a favorable scenario for gold investment, with positive outlooks at least until 2025, according to some analysts. James Luke, a commodities fund manager at Schroders, highlights the current dynamic between world powers and fiscal fragility that could drive a sustained movement towards gold. Luke believes that the gold market is not large enough to absorb potential growing demand without prices rising considerably. He also points out that the gold mining sector could see a significant increase in value, remaining an attractive option for investors. Wisdom Tree emphasizes that geopolitical risks and electoral processes also influence the positive sentiment towards gold. Dissatisfaction with political outcomes can translate into increased interest from investors in this precious metal, which acts as a barometer of confidence in the markets. According to their valuation model, gold could reach $2,500 per ounce in the first quarter of 2025, with bullish projections placing it at $2,750 in the same period. Rodrigo Cebrián, Chief Investment Officer at Edmond de Rothschild Private Banking in Spain, highlights the atypical correlation between interest rates, the dollar, and gold, indicating a possible shift in investor perception towards this precious metal. Accelerated buying by major holders, such as central banks, and concerns about the impact of the high U.S. fiscal deficit are driving demand for gold as protection against debt and sparking a process of de-dollarization in economies. Jacques Hirsch, co-manager of the Carmignac Portfolio Patrimoine Europe, points out the diversification of reserves by central banks and Chinese retail investors as key factors in the increased demand for gold. European uncertainty and global geopolitical situation also influence the positive perception towards this precious metal, which continues to deliver good results in the market. Michaela Huber, strategist at Vontobel Boutique, states that the evolution of gold prices will depend on central bank demand, expectations regarding the Federal Reserve's policy, and its status as a safe-haven asset amidst excessive liquidity in the financial system. Huber highlights the competition between gold and bitcoin as alternative store of value, in a context of economic and geopolitical uncertainty. Victor Alvargonzález, Chief Strategy Officer at Nextep Finance, emphasizes that the rise in gold prices is due to pressure from central banks of countries like Russia and China to reduce their dependence on the dollar, as well as the fear generated by the massive issuance of public debt in the U.S. and Europe. He recommends a stable and long-term investment in gold as protection against volatility and geopolitical conflicts, warning about the importance of considering its safe-haven nature in investment portfolios. In conclusion, the current situation has reignited investors' interest in precious metals, especially gold, as a secure investment alternative in a scenario of economic and geopolitical uncertainty. Bullish projections and the factors supporting its valuation indicate that gold could remain an attractive asset in the coming years, offering opportunities for profitability to investors seeking to protect their capital in times of market turbulence.