Silver, Gold, and Strategic Assets in a Changing World

Reflections from Crest's Precious Metals Forums

In recent years, conversations surrounding precious metals have evolved considerably.

Historically, gold occupied a familiar place within many family office portfolios, valued primarily as a store of wealth and a hedge against monetary instability. Silver, meanwhile, was often viewed as gold's smaller and more volatile cousin.

Today, the conversation is far more nuanced.

Gold continues to play an important role in preserving purchasing power in a world shaped by rising sovereign debt, geopolitical fragmentation and ongoing concerns surrounding currency debasement. Silver, however, now occupies a particularly interesting position at the intersection of monetary policy, industrial demand and global electrification.

Against this backdrop, Crest Family Office Forums convened private gatherings in London and Paris, bringing together family offices, resource investors and industry experts to explore how precious metals are increasingly being viewed as strategic assets rather than simply commodities.

What emerged over the two days was a thoughtful discussion that extended far beyond the price of gold or silver.

The conversations centred on resilience, portfolio construction, supply constraints, critical minerals and the role precious metals may play in an increasingly uncertain world.

We began in London with an insightful presentation from Claire Lincoln, Global Head of Institutional Investor Relationships, and Johan Palmberg, Senior Quantitative Analyst at the World Gold Council.

Their discussion explored gold's role within modern portfolios and examined several themes increasingly relevant to family offices, including inflation protection, geopolitical risk, central bank purchasing activity and the evolving relationship between gold and traditional fixed income investments.

One observation stood out in particular: while many investors continue searching for alternative assets capable of providing diversification and resilience, gold remains one of the few assets that has demonstrated its value repeatedly across multiple market cycles and geopolitical environments.

From there, the discussion shifted toward silver.

Silver occupies a unique position within the metals complex. It shares many of gold's monetary characteristics while simultaneously serving as an essential industrial metal used in solar energy, electronics, advanced manufacturing and electrification infrastructure.

As I shared with attendees, silver effectively sits between two worlds.

One demand driver is monetary.

The other is industrial.

That combination becomes especially compelling when industrial demand continues to grow while mine supply struggles to keep pace. After several consecutive years of global supply deficits, silver is increasingly finding its way into discussions surrounding strategic and critical minerals.

It is perhaps no surprise that silver was recently added to the United States' critical minerals list.

To bring these themes into a practical context, Ralph Rushton, President and CEO of Aftermath Silver, joined us to discuss the Company's flagship project in Peru.

Ralph first presented to our community several years ago in London. It was particularly interesting to hear how both the company and the broader silver market have evolved since then.

Beyond silver itself, the project offers exposure to several metals increasingly relevant to electrification, energy infrastructure and strategic supply chains. His presentation served as a useful reminder that some of the most compelling opportunities often emerge where long-term structural trends intersect with quality assets and experienced management teams.

The final session in London provided a perspective that resonated strongly with many attendees.

Ben Cassidy of Moss Ridge Family Office shared how his family approaches direct investment in resource assets, including development-stage projects such as the Pathfinder Tonopah copper and silver project in Nevada.

What made Ben's contribution particularly valuable was its practicality.

Many family offices are comfortable investing in mining equities or resource-focused funds. Far fewer have experience participating directly in resource assets themselves.

The discussion explored how families evaluate opportunities, manage long development timelines and think about capturing value through direct ownership rather than solely through public markets.

For many attendees, this family office perspective provided an important complement to the earlier discussions surrounding metals, markets and mining companies.

The conversation continued the following day in Paris.

While the format was more intimate, the themes remained remarkably consistent.

Ralph Rushton and Ben Cassidy returned to present to a new audience, joined by Jeremy East of the London Bullion Market Association. Together they provided perspectives spanning project development, direct investment and the broader precious metals market.

What struck me most across both cities was how the conversation surrounding precious metals continues to broaden.

Gold remains important for many of the reasons it always has.

Silver, however, increasingly reflects both monetary uncertainty and industrial transformation.

Together, they tell a larger story about resilience, scarcity, infrastructure and long-term value creation.

As family offices continue navigating an increasingly complex investment landscape, precious metals appear to be moving from the periphery of portfolio discussions back toward the centre.

And if the conversations in London and Paris were any indication, that trend may only be beginning.