The best metal to own to weather the trade wars storm is still gold, owing to its status as a safe haven and the potential for industrial metals to suffer from the economic consequences of tariffs, this according to Peter Hug, global trading director of Kitco Metals.
“Given the current state of sort of the macro picture that I’m looking at right now, I still consider gold the best performer short-term. If there were to be a reversal in, sort of the rhetoric regarding China and ideally the tariffs don’t go to 25% and stay at 10%, I would be then much more aggressively inclined towards metals such as palladium and platinum,” Hug told Kitco News.