Joey Diekstra @JoeyDiekstra: "𝐆𝐨𝐥𝐝, 𝐒𝐢𝐥𝐯𝐞𝐫 𝐀𝐧𝐝 𝐓𝐞𝐜𝐡: 𝐑𝐨𝐭𝐚𝐭𝐢𝐨𝐧..."

Netherlands

𝐆𝐨𝐥𝐝, 𝐒𝐢𝐥𝐯𝐞𝐫 𝐀𝐧𝐝 𝐓𝐞𝐜𝐡: 𝐑𝐨𝐭𝐚𝐭𝐢𝐨𝐧 𝐈𝐧 𝐏𝐥𝐚𝐲? The year started with an explosive move in gold and silver, delivering strong gains before shifting into consolidation. More recently, geopolitical tensions around Iran have reintroduced risk premium into markets. At the same time, tech has started to underperform, and non US assets have quietly shown relative strength. It has been a constructive but volatile start, with 5 to 10 percent gains year to date and our 14th consecutive profitable month. 𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 📈 Gold and silver surged in January, driven by positioning and macro flows. The current consolidation looks like digestion after a sharp move rather than structural weakness. Escalating tensions involving Iran are a more recent development. While not the driver of the initial rally, they reinforce the case for holding defensive exposure if uncertainty persists. Tech has lagged. A growing realisation seems to be setting in that AI lowers barriers to entry. If businesses can be replicated and deployed rapidly, competitive advantages may erode faster than markets previously assumed. Non US assets have outperformed on a relative basis. Part of this reflects expectations that Donald Trump’s policy direction could weigh on US growth and fiscal stability, encouraging capital to diversify geographically. 𝐌𝐲 𝐕𝐢𝐞𝐰 My view, and it is open to debate, is that metals are in a healthy consolidation phase with room for a bounce or even another leg higher. If that materialises, I would look to close positions into strength rather than extend exposure. On equities, I remain cautious on crowded US tech and constructive on relative opportunities outside the US, as policy uncertainty may continue to pressure domestic valuations. $GOLD $SILVER $NSDQ100 $SPY (State Street SPDR S&P 500 ETF) $EWN (iShares MSCI Netherlands ETF)

Not investment advice. The author may have financial interests in the mentioned instruments.