“All are challenges to the west to defend its interests, and on all scores the west is hesitant to intervene.
“Yet real assets, such as commodities, particularly oil and gold, have barely responded to the rise in geopolitical risk this year.”
Mr Elliott adds: “If classic monetarist theory proves correct, inflation will eventually follow on from the quantitative easing programmes, and all commodities – especially gold – will be in strong demand as investors seek to protect their portfolios.”
Mr Beauchamp is less positive about the prospects for precious metals as an asset class against the global economic backdrop.
He reasons: “Commodities in general had a good first half, but as we head into the fourth quarter the class is out of favour.
“As the first US rate hike in years gets ever nearer, the dollar’s appeal is only going to get stronger.”
Ellie Duncan is deputy features editor at Investment Adviser