Gold has always been a fascinating underlying in the investment world with its status as a key commodity, pseudo-currency and inflation hedge.

As such it has attracted attention in structured products markets as an interesting alternative to equity indices and stocks. Its usage in structured products has been through some different cycles in recent years. Gold is seen as a safe haven when markets get volatile and in times of long-term uncertainty caused by macro-economic themes. There are many such factors in play at the moment: US-China trade wars, widespread protectionist and nationalist behaviours, continued oil price movements, an

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