Gold demand rose 1% year-on-year in Q1 2025 to 1,206t, driven by surging ETF inflows and strong retail investment in China. Despite high prices dampening jewellery demand, central bank buying and investor uncertainty continue to support gold’s safe haven appeal.

Izak Odendaal, Old Mutual Wealth Investment Strategist, reflects on 80 years since WWII’s end, examining how post-war global economic cooperation shaped prosperity. Today, rising US-China trade tensions under Trump’s tariffs threaten that order, risking recession and long-term damage amid uncertain policy direction and market volatility.

The Standard Bank Kasi SME Pitch Challenge goes national in 2025, offering township entrepreneurs from all nine provinces a chance to win cash prizes, expert training, and national exposure. Applications close 6 May—enter now to unlock growth opportunities!

Allan Gray’s Frontier Markets Fund returned 9.2% in Q1 2025, outperforming its benchmark as low investor interest fuels contrarian opportunities. Fund manager Varshan Maharaj highlights undervalued markets like the Philippines, Vietnam, and Nigeria, where long-term growth potential remains compelling.

Foord remains cautiously optimistic about Chinese equities in 2025. Despite trade tensions and tariffs, government support, property recovery, regulatory easing, and long-term growth drivers like AI and green energy underpin opportunities in undervalued sectors.

Following tariff announcements in April 2025, U.S. equity markets declined sharply, with the S&P 500 down 13.9% year-to-date. Policy uncertainty has driven up both realised and implied volatility, prompting caution. Prescient’s models currently reflect a moderately negative U.S. equity outlook.