Gold is the King of Reserves

Markets continue to climb despite a growing list of reasons to be cautious. Oil prices are pushing higher, inflation remains sticky on both sides of the Atlantic, central banks are preparing for further tightening, and gold has now overtaken US Treasuries as the largest reserve asset held by central banks. Yet investors seem focused on one thing only: AI. A single comment from Nvidia's Jensen Huang sent Marvell Technology soaring 32%, while AI infrastructure names such as HPE continued their rally. The question is whether the AI hardware boom can keep markets moving higher if Big Tech loses momentum and bond yields start rising again. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.