Our base case remains that safe-haven demand should fade further, assuming that the US economy does not slip into recession. The bull case remains a recession as it should lead to a significant pick-up in safe-haven demand. Meanwhile, silver should continue to move in gold’s slipstream.
Any relief rally in markets likely limited and temporary: David Roche
Global markets are reacting prematurely to geopolitical shifts, according to macro strategist David Roche. He argues that recent oil and equity market moves reflect speculation
May 25, 2026