--- title: "Precious metals: what lies beneath the volatility" description: "Gold does not always behave like a safe haven in the first phase of a geopolitical shock. What matters more is what happens underneath the volatility." url: "https://necker-finance.com/en/research/precious-metals-beneath-the-volatility/" lang: "en" alternate: "https://necker-finance.com/fr/publications/metaux-precieux-sous-la-volatilite/ (fr)" published: "2026-08-17" site: "Necker Finance Mauritius" --- # Precious metals: what lies beneath the volatility Gold does not always behave like a safe haven in the first phase of a geopolitical shock. What matters more is what happens underneath the volatility. Market note Published by **Necker Finance** Investment perspective 17 August 2026 2 min read One nuance behind the chart is easy to miss: gold does not always behave like a safe haven in the first phase of a geopolitical shock. Liquidity, positioning and real yields can matter more than the headline itself. ![Necker Finance chart: precious metal prices in war and peace on a log scale, 2021 to August 2026, showing gold, silver and platinum with the start of the Ukraine and Iran wars marked](https://necker-finance.com/media/insights/precious-metals-structural-case-800.webp) What interests us more is what happens underneath the volatility. Central banks have absorbed a meaningful share of annual mine supply in recent years, while fiscal expansion and reserve diversification continue to support the case for scarce, non-sovereign assets. That leads us to a differentiated view across the complex: Gold remains the strategic allocation. Silver offers more upside sensitivity if monetary conditions ease. Platinum is the more idiosyncratic opportunity, driven by tighter physical balances. The important question is therefore not “will volatility disappear?” but rather: Has the structural reason for owning precious metals changed? For now, we do not think it has. [View the original on LinkedIn](https://www.linkedin.com/feed/update/urn:li:activity:7495086649585094658/) Important information This material is provided for general information and does not constitute investment advice, a recommendation or an offer. Market conditions and the relevance of any observation can change. Any investment decision should be assessed against the investor’s own objectives and circumstances. ## Further reading ![FinWise Exchange, edition 4, August 2026](https://necker-finance.com/media/insights/finwise-exchange-2026-cover.jpg) In the media 09 Sept 2026 After the rally, why bonds deserve a stronger role Global equities have rallied again. In FinWise Exchange, Guillaume Passebecq explains why a diversified fixed-income core can lock in today’s yields. Interview Read the article (https://necker-finance.com/en/research/after-the-rally-why-bonds-deserve-a-stronger-role/) Analysis 29 Jul 2026 Global growth, oil and the Iran conflict Revisiting the July 2026 note: slower global growth and the role of energy prices for households and businesses. Market note Read the article (https://necker-finance.com/en/research/global-growth-oil-and-the-iran-conflict/) [All publications](https://necker-finance.com/en/research/) --- Necker Finance · Regulated by the [Financial Services Commission](https://www.fscmauritius.org/), Mauritius · Licence C114013750.