HSBC Asset Management comments that Gold and Silver saw spectacular price moves in 2025, driven by geopolitical tensions and concerns over Fed independence, before turning into a retail-led speculative episode. Analysts warn that leveraged selling could raise correlations with equities, yet maintains that central bank de‑dollarisation and crisis demand still underpin a structural case for precious metals.

Safe‑haven appeal versus speculative flows

"This year’s gold and silver price moves have been incredible."

"Ignited by geopolitical tensions and fears over Fed independence, 2025’s rally mutated into a retail-led speculative frenzy, and a correction looked increasingly likely."

"Where does this leave investors who have looked to gold as a portfolio diversifier?"

"While retail flows have boosted returns, they introduced equity-like volatility – anathema to a safe-haven."

"However, recent volatility tells us that no single safe-haven is flawless, underscoring the importance of “diversifying the diversifiers” – adopting an active, multi-asset approach to capture uncorrelated performance across a broad spectrum of assets."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)