Pine Wealth Solution Securities, a subsidiary of One Asset Management, has identified gold, oil and nuclear energy as key investment themes for the second quarter amid rising inflation risks, projecting bullion to hit US$5,700 an ounce in the long term.
Piyatat Pasommanatsakul, head of investment strategy, said global market volatility reshapes asset allocation strategies and redefines the role of traditional safe havens.
Gold is undergoing a structural shift from a conventional safe-haven asset to a full-fledged inflation hedge, making recent price corrections an attractive accumulation opportunity. He projects a long-term target of $5,700 per ounce, supported by sustained central bank demand and rising concerns over the stability of major currencies.
"Central banks around the world are increasingly adding gold to their reserves, reinforcing long-term demand," said Mr Piyatat, noting persistent geopolitical tensions and uncertainty surrounding the US economic and political landscape are further strengthening gold's appeal.
As inflation erodes the purchasing power of fiat currencies, holding cash becomes less attractive. In contrast, gold's "inflation-linked" characteristics position it as a more effective store of value over the long term, he said.
Beyond gold, Pine Wealth expects oil prices to remain elevated amid geopolitical pressures, with a potential spike to $120-150 per barrel. Crude is unlikely to fall back to the $60-80 range in the near term, citing structural supply risks and ongoing global tensions.
Against this backdrop, investors are advised to adopt a "core and satellite" portfolio strategy. Around 80% of assets should be allocated to a core portfolio for long-term stability, while the remaining 20% can be deployed tactically to capture thematic opportunities, such as gold, rare earth minerals, China markets, and energy sectors.
The firm encourages investors to stay invested during crisis by reallocating into sectors that benefit from current dynamics, including oil funds, clean energy, nuclear power, and defence-related industries, particularly shipbuilding and component manufacturing in South Korea.
INFLATION RISKS
Pine Wealth warned that prolonged high oil prices could have significant macroeconomic implications.
In the short term (1-2 months), Thailand's economy may absorb the impact, with GDP growth still projected at 1.6-2.2%.
However, if elevated energy prices persist beyond three months, inflationary pressures are expected to intensify.
Consumer goods and service prices could begin rising noticeably from late April, potentially triggering a broader inflation cycle, said Mr Piyatat.
The firm noted the current oil price shock could have a more severe impact on Thailand's economy than the pandemic, given the country's already subdued growth outlook.
Ongoing geopolitical conflicts and US political uncertainty remain key drivers of market volatility. With the US entering an election cycle, fiscal spending, particularly on military engagements, is likely to come under increased scrutiny, potentially undermining confidence in the dollar.
"This environment supports gold's evolving role as a hedge against currency debasement and systemic risk," he said.
WEALTHY CLIENTS
Managing director Pongsakorn Poonphichaidthum said the firm is accelerating its expansion into the wealth segment through its "lifestyle privilege" strategy.
The company is targeting growth across three client tiers, comprising "The Pinnacle Pines" (assets under management of more than 100 million baht), "Canopy Pines" (more than 50 million baht), and "Sapling Pines" (exceeding 10 million).
Pine Wealth aims to add more than 200 new top-tier clients this year, offering customers exclusive benefits such as supercar rental discounts and curated experiences as part of a broader effort to build long-term relationships beyond traditional wealth management services.
The firm reported a 44% increase in profit last year, driven by strong investment performance and client engagement.
"We believe wealth management is not just about numbers. It's about giving clients the time and freedom to enjoy what they love without worry," Mr Pongsakorn said.
As global markets navigate inflation, geopolitical risks and shifting capital flows, Pine Wealth's strategy underscores a broader transition in investing where commodities and real assets are regaining prominence, not merely as defensive plays, but as core components of long-term portfolio construction, he said.
