Tuesday, 20 January 2026 Reading time : 3 minutes

Exactly one year ago, on 20 January 2025, Donald Trump was sworn in as the 47th President of the United States. Since then, the Republican has dictated geopolitical events and caused repeated turmoil on the financial markets with his announcements and decisions. 

In response, investments considered to be safe havens have become more popular. This pattern has continued into the new year. At the beginning of this week, the price of gold reached new record highs amid escalating tensions over Greenland. The US government has threatened various European countries with new punitive tariffs if they oppose its plans in the Arctic. 

The ZKB Tracker Certificate on Traceable Gold provides investors with easy access to gold. The certificate's underlying asset is the troy ounce of gold in USD. However, as the product is denominated in CHF, investors are exposed to currency risk. Settlement is in cash.

ZKB Tracker Certificate on Traceable Gold
Termsheet
About the product

Indicative terms

 

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements. The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document. If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.
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