Fredy Hasenmeile, Chief Economist, Raiffeisen:

Gold in the Portfolio. (Image: Courtesy)

The financial environment in Switzerland in 2025 will likely feature very low inflation, continued interest rate cuts, persistent uncertainty, and a slow economic recovery.

The key topic will be the return of a shortage of investment options. The brief period during which bonds provided significant returns will already be behind us. As a result, the focus will shift to real assets and equities.

The general strategy is to stay invested, favor defensive quality stocks, and aim for broad diversification. Gold should also be part of the portfolio as long as governments do not correct their debt policies. More active investors may consider holding slightly higher liquidity levels to take advantage of market pullbacks.