Little scope for more out of Silver and Platinum, imho, as Retail buyers are far too distracted buying crypto, which was not available during previous periods of precious metal mania.

Gold is clearly in bubble territory. Retail will continue to be encouraged to buy while Institutions trim their profits.

Expect annualised return, volatility (standard deviation) and maximum drawdown for major asset classes (sub-asset classes plotted).

Underweight Large Cap US Growth; Selective Overweight US Small/Mid-Caps. UK investors should rebalance and favour Eurozone large caps over UK large caps short term. UK small caps may offer upside if BoE eases. Japan favours smaller domestic cos; large exporters vulnerable if Yen strengthens.

Overweight Short-Dated Gilts vs Bond Proxies – safety and liquidity favoured as equity valuations are stretched.

Overweight Index-Linked Gilts vs Equity Income Funds / Infrastructure – stronger inflation hedge and lower volatility.

<5yr Gilts: No strong directional catalyst; better value may emerge if BoE surprises dovish.
20+yrs: Mispriced long duration with upside skewed to higher yields if inflation persists or global yields rise.
IL Gilts: Tactical opportunity for real-income preservation, especially for 5–15 year linkers.