Moving Markets

US equities were mixed yesterday, with investors rotating out of technology as Microsoft dropped sharply while Meta jumped. In Europe, SAP’s steep fall weighed on the DAX, while the Swiss market outperformed. Precious metals are experiencing extreme volatility after record highs, energy prices are rising amid escalating Middle East tensions, while markets also price in the growing likelihood that Kevin Warsh will become the next chairman of the US Federal Reserve. Tim Gagie, Head of FX Advisory Geneva, explains what to watch in an environment of historic precious‑metal volatility and dollar weakness.

(00:00) - Introduction: Helen Freer, Product & Investment Content

(00:24) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:41) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(11:05) - Closing remarks: Helen Freer, Product & Investment Content

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The US Federal Reserve left rates unchanged and struck a data‑dependent tone, even as political pressure around the central bank intensifies. The S&P 500 briefly crossed 7,000 before paring gains, tech earnings from Meta, Microsoft and Tesla sent mixed signals after the close, and European markets fell on volatile moves in ASML and LVMH. The US dollar rebounded on comments from Treasury Secretary Bessent, while geopolitical tensions pushed oil higher and gold surged above USD 5,500 as silver and copper also reached record highs. Today we are joined by Carsten Menke, Head of Next Generation Research, for a timely update on precious metals and why fundamental analysis cannot explain the most recent moves upwards.

(00:00) - Introduction: Helen Freer, Product & Investment Content

(00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:31) - Precious metals: Carsten Menke, Head of Next Generation Research

(10:56) - Closing remarks: Helen Freer, Product & Investment Content

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A whirlwind week in global markets — and it’s only Wednesday. The dollar plunges, the Swiss franc hits multi‑year highs, and gold and silver seem unstoppable. Equity markets touch new records as investors brace for mega‑cap tech earnings and the Fed’s rate decision after market close today. Dario Messi, Head of Fixed Income Research, explains what he expects from the US central bank. A fast, lively breakdown of what’s moving markets — tune in!

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After a remarkable 2025, gold and silver have surged to new highs in early 2026, driven by a complex mix of geopolitical developments and speculative flows. What is fuelling this rally, can it continue, and how should investors position themselves in these volatile markets?
In this episode of Moving Markets – The View Beyond, Bernadette Anderko is joined by Julius Baer’s Carsten Menke, Head of Next Generation Research, and Christopher Irwin, Head of FX and Precious Metals Trading, to dissect the forces behind the explosive moves in gold and silver. The discussion covers the impact of US political dynamics, the role of central bank and ETF flows, the unique characteristics of the silver market, and the macro factors investors should monitor. The episode concludes with practical guidance for managing risk and navigating heightened volatility in precious metals.

(00:00) - Introduction

(01:26) - Key catalysts behind the gold and silver rally

(03:12) - Trading flows, speculative positioning, and physical demand

(04:25) - The role of the Shanghai Futures Exchange and silver market dynamics

(04:58) - Silver – currency or commodity?

(07:00) - Geopolitics and the persistence of the rally

(08:43) - Erosion of confidence in US assets and implications for gold and silver

(09:06) - Silver’s acceleration and trading behaviour

(10:35) - Fundamental differences between gold and silver

(11:59) - Macro factors to watch: interest rates, inflation, and the US dollar

(13:09) - What investors should focus on now – gold

(14:10) - What investors should focus on now – silver

(15:02) - Key takeaways from trading

(16:00) - Closing remarks

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Markets opened the week with a weaker US dollar and sharp gains in gold and silver. Precious metals broke key levels, with gold rising as high USD 5,100 and silver to over USD 112 an ounce. Equities and bonds were relatively calm, but global stocks are still near record highs. China’s annual industrial profits rose for the first time since 2021 and India and the EU announce a trade deal. Energy prices are being supported by cold weather in the US and geopolitics. Manuel Villegas from Next Generation Research discusses stablecoins and the broader crypto backdrop.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:43) - Digital assets in the wake of the gold rally: Manuel Villegas, Next Generation Research

(12:03) - Closing remarks: Bernadette Anderko, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.