The Swiss Franc has always seen strong demand in times of elevated risk, be it market risk or geopolitical risk.And in the past it has probably been the number one “safe haven” currency, even ahead of the JPY and USD.

MARKETS Commodities

While the US Federal Reserve (Fed) will increase rates this year, inflation will remain stubbornly high, maintaining a low real rate environment. Gold prices could rise 8% in the first half of the year, aided by a weaker US Dollar (USD). However, USD strengthening in the second half of the year and subdued enthusiasm for the metal in the futures market could drive a sell-off, with gold ending the year at US$1230/oz, just 2.5% higher than today.

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