Despite the worst economic backdrop since the Great Depression, stocks have held up reasonably well. Very few investment categories offer a good alternative. Cash is paying next to nothing and bond yields are at historic lows. You could invest in gold and silver and some high-flying tech stocks but buying these after such an increase could prove risky.

The state plans rolling blackouts to deal with a heatwave that has pushed the power grid to the limit. California has vastly expanded the capacity of solar power. The drawbacks have been evident in the past week as temperatures soared daily above 100°F (38°C) and air-conditioner use leapt in the late afternoon and early evening, just as the sun set.

Investors are turning to the commodities markets as a store of wealth. ETF funds own futures contracts, not physical commodities and trading futures comes with a “roll cost.” Investors do not want to take physical delivery, so they roll them from one contract to the next before they expire. Oil price of -$37 showed how extreme the roll cost can get.

Concerns start to grow among analysts over the longer-term inflation outlook. A collapse in real yields on bonds is driving record rallies in assets from gold to technology stocks. The yield on 10-year inflation-linked US government bonds sank below -1%. But ever greater levels of Fed stimulus are required just to prevent risky assets from falling.

The comfortable, if small, returns of high-yield savings accounts are looking less palatable as volatile assets take off. There's no guarantee that yields for these accounts will rebound any time soon. In a survey by Bankrate 28% of Americans said the stock market was their top choice for long-term investments. From March 23 to July 1, the S&P 500 rallied 40%.

Gold’s surge to an all-time high is winning over a wider fan base of pension funds, insurance companies and private wealth specialists. When bonds offered heftier yields, professional investors had little use for gold, which offers no income and costs money to keep in storage. But now some on Wall Street are questioning the wisdom of owning bonds.

Impact investing is now all of a sudden having its moment. We must be very mindful though that this is done correctly to actually have impact as opposed to just moving capital around. With such a plethora of investing styles and funds on offer, not to mention the buzzwords, it is important that the impact market scales with integrity.

The commodity, used by investors as a store of value in times of stress, has rallied strongly as other safe assets have become less attractive. The inflation-adjusted yields available on benchmark government bonds have slumped well below zero. Silver hit a seven-year high above $23 an ounce.

Demand for inflation-protected bonds has intensified in the US, as investors look to shield portfolios against the risk of a spike in inflation as economic activity rebounds from the coronavirus crisis. While few investors fear an immediate resurgence in inflation, what has become the “concern du jour” is what happens when a recovery takes hold.

Various investment houses are now offering mutual funds that specialise in clean energy or the energy transition. Investors should also think about the types of asset class they are picking, if they want to achieve change. Some believe bonds are a more effective tool at listed companies, as they are often issued to supply finance for more specific purposes.

EDL Capital offers investments denominated in gold and silver to protect clients against the risk that record coronavirus stimulus spending will push down currency values. Gold has drawn the attention of the world’s most-prominent investors, who are sounding the alarm about the threat that inflation, driven by central banks, could reduce currency values.

Banco Bilbao Vizcaya sold a 1 billion euros perpetual note on Tuesday, and designated it as a green bond. CoCo bonds pay more interest than other debt. In exchange investors bear losses, if the bank fails. Transparency on how the funding has supported environmentally friendly causes will be critical, if the bank is to avoid the greenwashing tag.