Gold, Geopolitics, and the Search for Resilience

Reflections from Crest's Family Office Precious Metals Forum

There are moments when a theme begins to move from the specialist corner of the investment world into the mainstream of family office conversations.

Gold is having one of those moments.

For much of the past decade, investors have been conditioned to look elsewhere for returns. Technology captured attention. Private equity flourished. Markets rewarded growth. Yet beneath the surface, a very different set of concerns has gradually been building: rising geopolitical tensions, persistent inflation, mounting sovereign debt and growing questions surrounding the long-term purchasing power of major currencies.

Against this backdrop, gold has quietly re-emerged as a topic of increasing interest amongst family offices around the world.

On 19 November 2025, Crest Family Office Forums, in partnership with SCP Resource Finance, welcomed a select group of family office principals, investors and resource specialists to London for an invitation-only discussion exploring the role of gold in today's evolving investment landscape.

One of the aspects I continue to enjoy most about hosting sector-focused forums is the opportunity to bring together people who approach the same opportunity from entirely different perspectives. Some attendees arrive with decades of experience in mining and natural resources. Others are approaching the sector for the first time, motivated by concerns surrounding inflation, monetary policy or geopolitical uncertainty.

The conversations become richer because of that diversity.

To frame the discussion, we were fortunate to welcome Trey Reik, one of the industry's most respected voices on gold, global monetary policy and precious metals investing.

Trey combines nearly two decades of gold-mining equity research and investment strategy experience with a deep understanding of central bank policy, liquidity conditions and the long-term drivers of gold demand. His presentation, Where Does the Gold Trade Stand?, set the tone for the day by placing current market conditions within a broader historical and macroeconomic context.

What made his remarks particularly interesting was the perspective gained through time.

When Trey joined us previously at our Family Office European Gold Forum on 9 October 2024, gold was trading at approximately US$2,608 per ounce. At the time, many investors remained sceptical about the metal's trajectory. Fast forward a little over a year, and the questions being asked by family offices had noticeably evolved. The discussion was no longer whether gold deserved attention, but rather how much exposure made sense in an increasingly uncertain world.

From there, the forum shifted from macroeconomic themes to company-specific opportunities.

The first presentation came from Justin Tremain of Turaco Gold, who introduced attendees to the Afema Gold Project in Côte d'Ivoire.

West Africa has steadily emerged as one of the world's most important gold-producing regions, yet many family offices remain less familiar with the scale of opportunities developing there. Justin outlined Turaco's rapidly growing 3.6-million-ounce gold camp and discussed recent drilling successes that continue to expand the project's potential. The discussion highlighted not only the geological opportunity, but also the growing importance of Côte d'Ivoire as a mining jurisdiction supported by improving infrastructure and increasing international investment.

Next, Adam Oehlman presented African Gold and its advancing Didievi Gold Project, also located in Côte d'Ivoire.

It was fascinating to see two companies operating within the same country, yet telling distinctly different stories. Adam walked attendees through a series of high-grade discoveries across a district-scale land package that is increasingly attracting attention within the exploration community. The presentation reinforced the broader theme that some of the world's most compelling gold opportunities continue to emerge in regions that remain underappreciated by mainstream investors.

The forum then shifted its focus to Canada.

Gwen Preston presented West Red Lake Gold and the Company's plans to restart production at the historic Madsen Gold Mine in Ontario's prolific Red Lake district.

What resonated with many attendees was the rarity of the opportunity. New gold mines entering production are increasingly difficult to find, particularly in established mining jurisdictions. With production targeted for early 2026 and a clear pathway to future growth through nearby assets, West Red Lake offered a different profile from the earlier exploration-stage stories. It represented a company transitioning from development into production at a time when gold prices remain highly supportive.

Our final presentation came from Brock Colterjohn of Onyx Gold.

Brock shared the Company's discovery-focused strategy across a portfolio of projects in Ontario and the Yukon, including its recent success at Argus North within the Timmins Gold Camp. Exploration stories often capture the imagination because they represent the earliest stage of value creation. While inherently carrying greater uncertainty, successful discoveries have the potential to fundamentally reshape a company's future. Brock's presentation provided an excellent reminder that new discoveries continue to emerge even within some of Canada's most established mining districts.

What struck me most throughout the day was how much the conversation surrounding gold has evolved.

Historically, discussions about gold often centred on fear: inflation, financial crises or geopolitical instability. While those themes certainly remain relevant, many family offices are now approaching the sector through a broader lens.

Gold is increasingly being viewed not simply as protection, but as a strategic allocation within a diversified portfolio. At the same time, many families are showing growing interest in the companies responsible for discovering, developing and producing the metal itself.

Perhaps that explains why the dialogue throughout the day felt so engaged.

Rather than debating whether gold matters, attendees were exploring how best to gain exposure, where opportunities may exist across the development spectrum, and which jurisdictions and management teams are best positioned to create value over the coming decade.

As always, some of the most interesting conversations took place after the formal presentations concluded.

Over coffee and continued discussion, attendees compared perspectives on monetary policy, resource nationalism, global debt levels and the changing role of hard assets within long-term portfolios. It is often these informal exchanges between peers that become the most valuable part of any gathering.

My sincere thanks to Trey Reik for once again providing a thoughtful and highly relevant macro perspective, to Justin Tremain, Adam Oehlman, Gwen Preston and Brock Colterjohn for sharing their companies and expertise, and to our partners at SCP Resource Finance for helping bring together such a high-quality discussion.

If the conversations in London were any indication, gold's role within family office portfolios is unlikely to diminish anytime soon.

In a world defined by uncertainty, the search for resilience continues.