--- title: Precious metals are losing a bit of their shine description: While gold, silver and platinum were the best performing commodities over the past year, they took a hit at the end of last week. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Precious metals are losing a bit of their shine While gold, silver and platinum were the best performing commodities over the past year, they took a hit at the end of last week. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 02/02/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Syz-Feature_WeekIn7Charts_260202.pdf) - - - - #### Chart #1 — ## From record highs to steep losses, metals face big setback Silver and gold took a sharp hit Friday morning, pulling mining stocks and ETFs down with them. After a stellar 2025, both metals are giving back some of their gains. Silver fell about 15%, slipping back below $100, while gold dropped around 7%, struggling to hold the $5,000 mark. Other metals like platinum and palladium also fell, down roughly 14% and 12%. Mining stocks and ETFs are feeling the pressure. Companies like Fresnillo and silver miners such as Endeavour and First Majestic saw double-digit losses in pre-market trading. Silver-focused ETFs are hit even harder, with some down as much as 25%. After huge gains last year, with silver up 150% and gold up 65%, the market is correcting. Crowded trades, uncertainty over the Federal Reserve’s next moves, shifts in geopolitics and the dollar alike have all contributed to the sell-off. Even so-called “safe haven” assets aren’t immune to sharp swings. When everyone is leaning the same way, even strong assets can fall fast. Investors are reassessing, with some buying the dip and others stepping aside. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-12-24-2105-AM.png?width=867&height=494&name=image-png-Feb-02-2026-10-12-24-2105-AM.png)Source: Bloomberg --- #### Chart #2 — ## The best performing commodities over the past year  The top three performers are silver (+273%), platinum (+178%), and gold (+89%). These represent the largest year-over-year gains for these metals since 1979–1980. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-13-14-7476-AM.png?width=765&height=531&name=image-png-Feb-02-2026-10-13-14-7476-AM.png)Source: Charlie Bilello --- #### Chart #3 — ## Will oil catch up with the rest of the commodities spectrum?   The Bloomberg Commodity Index has been rising sharply, but energy is not behind the gains. Instead, other commodities are driving the rally, showing that the strength is not coming from the usual sources. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-13-54-6986-AM.png?width=805&height=432&name=image-png-Feb-02-2026-10-13-54-6986-AM.png)Source: Kevin Gordon  --- #### Chart #4 — ## Germany’s gold reserves are worth nearly half a trillion euros Germany’s gold reserves are now valued at €496 billion. The country holds a total of 3,352 tonnes through the Bundesbank, with over 1,200 tonnes stored in New York, and the remainder kept in Frankfurt and London. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-14-37-7147-AM.png?width=892&height=554&name=image-png-Feb-02-2026-10-14-37-7147-AM.png) Source: HolgerZ --- #### Chart #5 — ## The Swiss franc surges relative to the dollar While global attention is fixed on the US Dollar and Yen, the Swiss Franc has quietly surged to its strongest level in over a decade. Here is why this matters for markets worldwide: **- The “safe haven” effect** Investors are flocking to stability. With gold breaking $5,000 per ounce and political uncertainty rattling major powers, the Swiss franc has emerged as the go-to refuge. It’s risen 3% this year, following a remarkable 14% gain last year. **- The Swiss National Bank’s dilemma** A currency this strong is a mixed blessing. It helps keep inflation extremely low, currently just 0.1%, but it also puts enormous pressure on Swiss exporters. The Swiss National Bank faces a tough choice: •    *Cut rates?* Already at 0%, going negative again is a step they are reluctant to take. •    *Intervene?* Direct market action could trigger accusations of currency manipulation and create diplomatic tension. **- The global context** When the world’s economic anchor, the US dollar, shows instability, money does not vanish; it moves. Capital is increasingly flowing toward perceived stability, with the Swiss franc benefiting from this shift. In today’s volatile markets, true stability has become the most sought-after and most valuable asset. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-16-31-7726-AM.png?width=792&height=545&name=image-png-Feb-02-2026-10-16-31-7726-AM.png) Source: Financial Times --- #### Chart #6 — ## 20 out of the 25 largest market caps in the world are from the US The remaining five come from Europe (1), China (1), Taiwan (1), South Korea (1), and Saudi Arabia (1). Looking closer at US states: California leads with 6 companies, followed by Texas and Washington with 3 each, and New York with 2. Nebraska, Arkansas, Indiana, New Jersey, Idaho, and Colorado each host one of the top global companies. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-17-23-4640-AM.png?width=717&height=660&name=image-png-Feb-02-2026-10-17-23-4640-AM.png)Source:  Peter Mallouk  --- #### Chart #7 — ## The "Endowment Model" is having a mid-life crisis For years, this model, heavily weighted toward private assets, was seen as the benchmark for long-term investing success. It worked so well that everyone else started copying the approach. But here is the catch with “secret sauces”: once everyone knows the recipe, the advantage fades. Today, the space is so crowded that the classic “Endowment Model” is struggling. Interestingly, the traditional, public-market-heavy portfolio is starting to make a comeback. The reasons are that too much capital is chasing the same private deals, alpha is harder to find in private equity, and liquid, traditional portfolios are holding their ground. Is the golden era of private-heavy allocations over or just taking a break? Perhaps it is time to rethink the “Yale model,” focusing on less crowded private funds and new strategies, especially if those stellar 60-40 returns over the past year and three years were simply too good to last. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-02-2026-10-17-52-5117-AM.png?width=940&height=608&name=image-png-Feb-02-2026-10-17-52-5117-AM.png) Source: Bloomberg --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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