Economic indicators are showing a certain slowdown in growth, although it does not appear to be serious

Macroeconomic data from the eurozone and the United States are starting to show some cooling in economic growth, although this slowdown in activity is not expected to be severe. This is pointed out by Alberto Matellán, General Manager of La Financière Responsable (LFR).

Matellán believes that the latest data on price developments is generally positive, although with nuances. “The inflation figure isn’t bad—perhaps a bit overstated compared with the actual economic situation. We’re in a fairly reasonable range, since we’re neither facing excessive inflation nor one that is falling so quickly that it might force the ECB to cut rates,” he says.

The economic backdrop in both the eurozone and the United States at the start of the year is one of a certain slowdown in growth, which in turn is leading to a moderation in prices. “As long as it doesn’t go much further, I don’t find it worrying, but as investors we should keep in mind that we are in a context of deceleration,” he adds.

Regarding the volatility seen in precious‑metal markets, Matellán believes that there has been an element of correction after all the gains accumulated in recent times. However, this has been amplified by the automatic mechanisms that characterize today’s markets, compounded by a shift in the dollar’s narrative, which could prove stronger than some analysts had anticipated.

The fundamental reasons that make precious metals a safe haven against certain potential threats—such as geopolitical uncertainty or monetary inflation—”are still there,” Matellán notes, adding that these factors provide a degree of support for gold and silver prices.