Page 9 - 2Q2021 RETAIL WEALTH ADVISORY Playbook

Alternatives

Previous Current
Asset Deliberation
Stance Stance
 Previous tailwinds that have supported the uptrend in gold
are easing.
 US stimulus package and economic recovery have driven
inflation expectations and US Treasury yields higher, which
Gold Neutral Neutral led to higher real yields. This means investors have a higher
opportunity cost to hold gold, which tend to exert
downward pressure on gold prices.
 Gold purchases by central banks and a weaker USD can help
offset some of the headwinds for gold.

 Oil prices have performed well on the back of higher
demand and optimism for economic recovery.
Oil Neutral Neutral  OPEC+ supply agreement in March is looking to add supply
across 2Q 2021 and 3Q 2021, despite concerns over surging
Covid-19 cases in various parts of the world.
Source: Maybank Group Wealth Management Research, Maybank Kim Eng.
Note: Rows highlighted in yellow indicates a change in stance.

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