Nilesh Shah: Expect High Single-Digit, Low Double-Digit Market Returns

• Nilesh Shah, MD of Kotak Mahindra AMC, advises investors to expect high single-digit to low double-digit market returns, moving past the era of gold-like gains.
• He attributes the recent surge in gold and silver prices to a "once in a generation move," driven by global central banks' de-dollarisation efforts post-US sanctions on Russia.
• Central banks are reducing US dollar security holdings, becoming major gold buyers, a trend now amplified by retail investor frenzy.
• Shah reassures that Indian gold and silver ETFs are securely backed by physical assets or exchange-traded currency derivatives, as per SEBI regulations.
• For the Union Budget 2026, Shah wishes for continued infrastructure spending, funded by non-tax revenues like asset monetisation and gold monetisation schemes.

Why It Matters: Investors should temper expectations for equity returns, while gold and silver see a historic surge due to de-dollarisation.