Gold and silver are an allocation for the next decade. We think that 5% of portfolios in a balanced strategy should be silver and gold. Geopolitical risk has increased dramatically, leading to a rise in safe havens. Central bank buying and its role as a reserve currency support long-term demand.

Remains 'constructive' on risk assets and is fully allocated to the US (which includes tech-heavy indices), but cites significant concentration risk in top tech/AI stocks as a primary concern that requires earnings to meet expectations.