Why gold is still rising while tech slows
|
Hi, there Some of you have been asking why gold has been rising so sharply recently. It’s a fair question. Gold has continued to push higher while parts of mega-cap tech and crypto have lost momentum. That divergence isn’t just about short-term fear. It reflects a shift in how investors are thinking about reliability, balance, and risk heading into 2026. This note looks at what’s changed beneath the surface, why this gold move feels different from past rallies, and what it may be signalling about the next phase of the cycle. You can read the full piece here: https://northtechcapital.com/is-gold-quietly-replacing-mega-cap-tech-as-the-markets-safety-trade As always, this isn’t about abandoning equities. It’s about recognising when market priorities are quietly evolving. Best, David North Tech Capital |
North Tech Capital
Get weekly tech investing updates straight to your inbox
The traditional fund structure is often too slow, too clunky, and buried under layers of process that do not drive performance. For family offices and sophisticated investors, it has become a "blunt instrument." If you have a high-conviction thesis in mega-cap tech, you cannot afford to wait six months for a fund to launch. You need to move at the speed of the market, not the speed of a committee. This is why Actively Managed Certificates (AMCs) are becoming the standard across the UK and...
The financial media is in a fever. Nasdaq and FTSE Russell are rewriting their rulebooks to allow "fast-track" entry for three looming giants: SpaceX, OpenAI, and Databricks. The goal is to forced these names into the Nasdaq-100 in as little as 15 days after they list. For the "buy-and-hope" crowd, this looks like the opportunity of a decade. For those of us focused on protecting a SIPP or ISA, it looks like a classic valuation trap. Data reveals a "quality inversion" in these private giants....
On 3rd March, I made the decision to liquidate every single position in the North Tech 15. Since we launched on 24th August, the portfolio has gained 47.62%, compared to 25.52% for the S&P 500. For anyone managing their own SIPP or ISA, those are the kind of gains that demand protection. While many investors were still focused on the AI rally, the escalating conflict involving Iran introduced a level of systemic risk that the market simply hadn't priced in. I didn't sell because I lost faith...