Thomas Della Casa, Head of Asset Management & CIO, Helvetische Bank:

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TINA is making a comeback. The acronym – «There Is No Alternative» – had faded from view in recent years as rising rates allowed investors to earn positive real returns for the first time in a long time.

TINA’s return is driving up the prices of assets such as equities, real estate and precious metals. The risks are well known: tariffs, weak consumption, deglobalization, geopolitical tensions and persistent monetary debasement.

«In the end, there is no alternative to equities of high-quality companies.»

Purchasing power per unit of money continues to decline, while real assets such as equities and gold preserve their value. Meanwhile, government debt keeps rising. The U.S. will add more than two trillion dollars to its debt this year; Germany is planning hundreds of billions in spending on infrastructure and defense. These injections support certain sectors.

There is also political pressure to cut rates and provide liquidity. Combined with gradually falling interest rates, this backdrop supports equity markets. Short-term corrections remain possible, as seen in April.

In the end, there is no alternative to equities of high-quality companies. We therefore remain broadly constructive on equities. We are also bullish on gold: having reached our 4,000-dollar price target, we now expect gold to rise to 5,000 dollars by end-2026.