Economic Commentary | December | Volatility, Precious Metals, and 2026 Signals

As 2025 drew to a close, we reflected on just how dynamic and unpredictable the year had been both in financial markets and across the broader global landscape. From soaring precious metals to major political and geopolitical developments reshaping economies, December capped off a year defined by volatility and opportunity. 

Gold prices surged more than 64% over the year, yet even that couldn't outshine silver's remarkable performance. Silver delivered triple-digit returns in 2025, fuelled by rising sovereign debt levels, escalating geopolitical tensions, and its critical role in the electrification and digitisation of economies. 

Our latest December, Economic Commentary dives deeper into these trends, spotlighting key developments like: 

• President Trump’s ongoing challenge to the Federal Reserve's independence 

• Emerging geopolitical risks in the Caribbean and Arctic  

• Higher-than-expected inflation in New Zealand over the December quarter 

📈 Read the full commentary here to understand what these shifts mean for investors heading into 2026. 

For Kiwi investors, this environment underscores the need for diversified portfolios designed to perform in markets increasingly affected by volatility and a rapidly changing world. Our Auckland team is here to help - book a brief consultation to discuss your 2026 strategy.