Hard Assets in Hard Times
Published date: 22nd April 2026 | Author: Cameron MacDonald
The 2020s have been volatile. From rising geopolitical tensions and disruptive trade policies to energy shocks, investors are navigating an increasingly fragmented and unpredictable world.
In this environment, resilience matters. Not all assets respond to uncertainty in the same way.
How might key hard assets behave during periods of disruption, and where could potential opportunities lie for investors today?
Gold has traditionally served as a hedge during periods of geopolitical stress, persistent inflation, and market volatility. This safe-haven demand has been a key driver of the rally since 2022, with gold reaching a peak of $5,300 in January this year. It is perhaps somewhat surprising, therefore, that with the outbreak of war in the Middle East, gold prices have struggled, coming off their peaks.
But to understand the future of gold, we should put current prices in context. The price is still roughly double where it was just a few years ago, reflecting strong structural demand. This demand is potentially driven by two related trends: central bank buying and unsustainable debt loads.
Since 2022, central banks have hoovered up large quantities of gold. Central banks in China and other emerging markets have led the way, with most analysts believing this was in response to the US and Europe freezing Russia’s central bank reserves after its invasion of Ukraine. For some central banks, this exposed a vulnerability in holding dollars or euros – gold, in contrast, cannot be frozen or seized in the same way.
In a world full of geopolitical risk, this trend towards greater central bank buying seems likely to persist.
At the same time, debt levels in developed economies have exploded over recent decades. During the years of ultra-low interest rates, this was seemingly manageable. But since the outbreak of post-Covid inflation, the interest rates governments pay on their debt have surged. The US, for example, now pays more to service its debt than it does on defence.
This has raised fears that governments may start to pressure central banks to lower interest rates to keep debt manageable. That, however, risks currency depreciation and inflation. The response from investors has been dubbed the “debasement trade”—in practice, buying gold and other hard assets with the potential to preserve value.
Despite recent volatility, these demand drivers for the yellow metal seem likely to remain.
Europe is looking to restart a number of nuclear power plants
The current crisis in the Strait of Hormuz is the second time the world has experienced an energy shock in the 2020s, the first being the fallout from the war in Ukraine. In both cases, geopolitics has led to severe supply disruption and price increases for oil & gas, and with that higher energy costs for consumers.
As a result, energy security is at the top of the agenda for governments around the world. A growing consensus is emerging that nuclear energy offers a compelling solution. In contrast to a gas-fired power plant, the cost of fuel is a small percentage of the overall running costs of a nuclear plant, insulating it from price spikes. Moreover, most nuclear power plants keep several years’ worth of fuel on-site, owing to the energy density of uranium. This allows them to better weather supply disruptions.
As a result, governments around the world are expanding nuclear capacity, either through the construction of new plants or extending the life cycle of existing ones. At the same time, governments are investing in next-generation technologies such as Small Modular Reactors (SMRs).
This is driving strong demand growth across the nuclear value chain, from companies that construct and maintain power plants to those involved in uranium enrichment and mining.
But as much of a solution as nuclear energy is, building nuclear power plants is slow, and oil & gas will remain a key part of many countries’ energy mix for decades to come. The question, therefore, is where more stable supply can be found. North America offers one such solution.
The fracking revolution has driven a surge in US energy production, with the country going from a net importer to one of the world’s largest exporters of both oil and gas. This creates opportunities in the ‘midstream’ energy space. Midstream companies are those that store, process, and transport oil and gas.
Within North America, this includes pipeline operators transporting oil & gas from where it is produced to where it is consumed. It also includes liquefied natural gas (LNG) terminals, linking North America’s abundant energy resources to gas-hungry markets in Europe and Asia.
Operators of this infrastructure typically receive inflation-linked fees based on the volumes they transport. As a result, it is a less volatile sector than upstream oil & gas producers extracting the commodity, and one that can potentially offer stable dividend payments.
IMPORTANT INFORMATION This document is approved for professional use only.
Communications issued in the UK
The content in this document is issued by HANetf Limited (“HANetf”) and approved by Privium Fund Management (UK) Limited (“Privium”). HANetf is an appointed representative of Privium, which is authorised and regulated by the Financial Conduct Authority. The registered office of Privium is The Shard, 24th Floor, 32 London Bridge Street, London, SE1 9SG
This communication has been prepared for professional investors, but the exchange traded product (“ETCs”) and exchange traded fund (“ETFs”) set out in this communication (“Products”) may be available in some jurisdictions to any investors. Please check with your broker or intermediary that the relevant Product is available in your jurisdiction and suitable for your investment profile.
Disclaimers
Past performance is not a reliable indicator of future performance. The price of the Products may vary and they do not offer a fixed income. This document may contain forward looking statements including statements regarding our belief or current expectations with regards to the performance of certain assets classes. Forward looking statements are subject to certain risks, uncertainties and assumptions. There can be no assurance that such statements will be accurate and actual results could differ materially from those anticipated in such statements. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. The content of this document is for information purposes and for your internal use only, and does not constitute an investment advice, recommendation, investment research or an offer for sale nor a solicitation of an offer to buy any Product or make any investment.
An investment in an exchange traded product is dependent on the performance of the underlying asset class, less costs, but it is not expected to track that performance exactly. The Products involve numerous risks including among others, general market risks relating to underlying adverse price movements in an Index (for ETFs) or underlying asset class and currency, liquidity, operational, legal and regulatory risks. In addition, in relation to Cryptocurrency ETCs, these are highly volatile digital assets and performance is unpredictable.
Four key drivers behind copper’s growth opportunity
September 2026
Three things investors should consider before investing in uranium ETFs
The Merits of Bottom-Up Investing
El Niño’s ripple effects: How a strengthening pacific pattern is moving different asset classes
August 2026
The forces shaping crypto’s next move
Buried Treasure: How Geopolitical Relief Could Unearth Mining Gains
Canada beyond the headlines: the case for energy, financials, and real estate
Beyond a Chatbot: How can emerging-market platforms monetise AI?
July 2026
Lloyd Capital Outlook
Mag 7 to Lag 7: What a tech stumble says about the potential risks of investing in major indices
Natural Gas – growing source of global energy and uncertainty
What is the cost of rebuilding Ukraine?
June 2026
Why are central banks buying what they once sold?
Defence 2.0: How Drones and Cyber are reshaping investments
What investors should consider before investing in Defence ETFs in 2026
Copper’s role in the world has shifted
The quest for the perfect business
How memory is the AI bottleneck
What does AI mean for cyber defence?
Do drones mean the death of defence primes?
Computing’s next big disruption is already here
May 2026
Why can’t silver supply keep up with demand?
How much will the US military spend on drones?
What does the Iran war mean for travel and North American energy?
April 2026
Global Instability and the Future of European Energy Security
Canada has what the world needs
March 2026
Ukraine could become the West’s solution for rearmament
Iran crisis – four sectors to keep on your radar
From tanks to code: why the next defence boom will be digital
February 2026
Why cybersecurity and defence may be complementary themes?
Preferred shares and outlook for months ahead
Next stop for global travel
The new nuclear age – why physical uranium matters now
Critical Commodities for 2026
Reconciling responsibility with rearmament
January 2026
The New Age of Tech | Tech Megatrend Outlook 2026
The Future of Emerging Markets: 2026 Market Outlook
Shape of the Markets by PT Asset Management
October 2025
Nuclear Energy – why uranium is back in favour
September 2025
Copper’s less known demand driver: defence
Indo-Pacific Rearmament: How much will defence budgets grow by 2030?
How gold is custodied and why it should matter to investors
Travel in 2025 – strong data drives growth
August 2025
Understanding covered call ETFs
Different approaches to covered call ETFs
The opportunity presented by volatility
Heightened demand for defence in the pacific region
Three drivers of the health care sector in 2025
Equal weighted tech – an interview with Anthony Ginsberg
July 2025
Indo-Pacific Defence: What, Why and How?
Magnificent 8 of India – High-growth tech stocks in India to watch
The nuclear revival – a new dawn for uranium investment
June 2025
ETFs are getting active – is your portfolio ready?
May 2025
Three themes shaping the future of energy and ETFs to access them
Sharpening the Blade: How traders use leveraged and short crypto ETPs
Practical Uses for Leveraged and Short Crypto ETPs
April 2025
Why it is not too late for European defence
Understanding Daily Leveraged and Short ETPs
The basics of the covered call strategy: Potential income and capital growth
March 2025
Tariffs, Tensions and the Uranium Opportunity
What would a US withdrawal from NATO mean for European defence?
Holding case study: Rheinmetall
Holding case study: Bae Systems
Three themes that are reshaping the gold market
February 2025
ETFs Are Gaining Ground Over Mutual Funds
Europe’s sidelining by US prompts defence spending reality check
Will Europe be forced to defend itself alone?
December 2024
Uranium 2025: Opportunities in a Structurally Undersupplied Market
Copper 2025: The Red Metal’s Next Chapter After a Year in the Black
Midstream Energy: Dividend Growth and Natural Gas Demand Drive 2025 Outlook
Emerging Markets 2025: The Rise of Digital and E-Commerce Giants
2025: A Year for Disciplined Investing in an Uncertain World
Health care’s Comeback: Why 2025 Could Revive the Sector’s Vital Signs
Trump and Tech: M&A Revival, Trade Shifts, and the Rise of Automation
Bitcoin’s Year Ahead: Why 2025 Could Be a Halving Hit
Clear skies ahead: is the travel industry poised for takeoff in 2025?
Golden Era: Why 2025 Could Shine Bright for Gold and Miners
Global Equities Under Trump: A New Era of Tariffs, Taxes, and Uncertainty
Europe rearms for a world of greater geopolitical risk
November 2024
US Election 2024: The Stakes for NATO and the Defence Industry
October 2024
Do the Mag 7 have too much influence over the S&P 500?
Investors don’t care enough about recycled gold
The Royal Mint: A Millennium in the Making
Currency Hedged Physical Gold ETCs FAQs
Why would you use an ETF over a mutual fund?
Five companies leading India’s internet boom
September 2024
Can gold shine through the market turbulence
August 2024
Taking a U-turn: the world may be ready to embrace nuclear
June 2024
AI adds to positive natural gas outlook
Copper – the defining metal of a new age
Trump stance will force NATO countries to spend more whether elected or not
May 2024
The great travel industry rebound
ESG Mining – Turning a brown industry greener
ESG and defence investing: a balancing act
Dominant Magnificent 7 could lose ground to broader tech rally
The fall of Russian defence spending, and the rise of NATO
April 2024
The AI Revolution – a commodities play?
Recycled gold and traceability
Why investors should consider defence
Copper’s new supercycle | Fresh highs and the long-term story
Bitcoin in 2024 – a monumental year so far
March 2024
Gold price rallies but miners need to catch up
Investing in India’s rise – what makes India an ideal emerging market?
February 2024
Global instability – three potential ways to hedge
Energy Transition: The Metal Elephant in the Room
January 2024
HANetf’s 2024 Outlook
December 2023
Two Ways to Invest in Low-carbon Gold
March 2023
US ETFs are not the only ETF wrapper with a tax advantage; Irish domiciled ETFs have one too!
Making Gold sustainable with HANetf’s Recycled Gold ETC and ESG Gold Mining ETF
February 2023
Article | There is no Walt Disney Company in crypto yet…
January 2023
Gold Shining in 2023?
HANetf 2022 wrap up and outlook for 2023: Where did the inflows go?
Key Dates for Digital Assets in 2022
Article | The Merge and Ethereum – what you need to know
September 2022
Article | Why small ETFs are not necessarily less liquid
February 2022
Solar Energy 101 | Understanding the Solar Energy UCITS ETF
June 2021
The Royal Mint ESG Credentials
May 2021
Six Things to Know about Investing in a Gold ETC
August 2020
The Royal Mint Physical Gold ETC (RMAU) Frequently Asked Questions
April 2020
The Importance of the Physical Gold ETC Custodian | RMAU
March 2020
Responsible Gold Bars & Physical Redemption | RMAU | The Royal Mint Physical Gold ETC
Select Your Country
Select Your Investor Type
Choose a brokerage
Choose a product
You are now leaving HANetf's website and accessing a third-party website. HANetf may provide access to information, products, or services offered on websites that are owned or operated by other companies ("third-party websites"). We provide this access through the use of hyperlinks that automatically move you from a HANetf website to the third-party site.
While we do our best to provide you with helpful, trustworthy resources, HANetf cannot endorse, approve, or guarantee information, products, services, or recommendations provided at a third-party website. Since we may not always know when information on a linked site changes, HANetf is not responsible for the content or accuracy of any third-party website. HANetf shall not be responsible for any loss or damage of any sort resulting from the use of a link on its websites nor will it be liable for any failure of products or services advertised or provided on these linked sites.
HANetf offers you links on an "as is" basis. When you visit a third-party website by using a link on a HANetf site, you will no longer be protected by the HANetf privacy policy or security practices. The data collection, use, and protection practices of the linked site may differ from the practices of HANetf sites. You should familiarize yourself with the privacy policy and security practices of the linked website. Those are the policies and practices that will apply to your use of the linked website, not the HANetf policies and practices.
Here are some tips to help you tell if you have left a HANetf website:
Important Notice: HANetf is a provider of Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). We do not sell investment products directly to individual investors. Our funds are available through regulated investment platforms and brokers. Our only official website is www.hanetf.com. Any other domain is not affiliated with or authorised by HANetf in any way. If you suspect fraudulent activity, please contact your local financial regulator and/or the police and report the website or individual involved.