Note: This text is a translation from the original language, German.
Gold and silver have recently risen significantly, buoyed by structural factors that are likely to continue supporting the precious metals sector in the coming year.
Macroeconomics drives gold – structurally, sustainably, and increasingly digitally
Gold is currently benefiting from a rare combination of classic macroeconomic drivers: low real interest rates, expansionary monetary policy, and ongoing inflation and currency risks are reducing the opportunity costs of the precious metal and strengthening its role as a hedging instrument in an environment characterized by geopolitical tensions and fragmented global markets. This trend is reinforced by the continuing high demand from central banks, especially in emerging markets, which are deliberately expanding their gold reserves in order to reduce their dependence on the US dollar. Market observers assume that individual countries – above all China – are accumulating significantly more gold than is officially communicated. This structural demand is withdrawing physical supply from the market and supporting prices in the long term.
In addition, gold is gaining in importance due to new market structures. With its gold-backed token XAU₮, stablecoin provider Tether underscores the growing interconnection between physical gold and digital financial infrastructure. The tokenization of real assets increases liquidity and accessibility and appeals to new investor groups for whom traditional gold investments have previously been associated with operational hurdles. For the gold market, this means additional physical demand and a sustainable structural expansion of the investor base – gold is thus maintaining its role as a strategic reserve asset even in the digital age.
Silver: Industrial metal with precious metal DNA
Silver is currently following a different, but equally exciting narrative. In addition to its role as a monetary metal, silver is increasingly benefiting from strong growth in industrial demand. The expansion of solar energy in particular, but also electronics and electromobility, are driving up demand structurally.
This is offset by a supply problem: the silver market has been experiencing a structural deficit for several years. Around 70 percent of global silver production is a by-product of gold and copper mining. This makes a short-term expansion of supply virtually impossible. Even with rising prices, production can only be increased with a delay – a classic setup for sustained price pressure.
Here, too, the outlook remains positive: the expansion of renewable energies is politically desired and capital-intensive, and there is no sign of a decline in demand.
Juniors: High leverage, high volatility
The junior mining segment is particularly dynamic. Exploration companies react disproportionately to rising gold and silver prices and offer the greatest leverage within the sector. At the same time, they are characterized by inefficiencies: low analyst coverage, information-poor markets, and high dependence on management quality.
Historical commodity cycles show that junior-heavy portfolios can significantly outperform producers in bull markets – but at the price of higher volatility and deeper drawdowns in weak phases. The approach is therefore clearly cyclical and more comparable to a private equity risk profile than to traditional large-cap mining funds.
Conclusion
The current commodity cycle is driven by structural changes such as geopolitical realignment, the energy transition, and growing monetary risks. Gold and silver are at the center of this, complemented by strategic industrial metals.
The Commodity Capital Global Mining Fund deliberately positions itself in an opportunity-oriented manner with a high junior share and focuses on quality stocks, M&A potential, and structural supply bottlenecks. For investors who want to use commodities as a strategic return driver, the fund offers targeted access to the beneficiaries of the current commodity cycle.
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Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before investing, please consult a qualified financial advisor and review the fund's prospectus and KID.