gold.

org
gold.org

Gold as a strategic asset

2024 edition

The case for a strategic allocation to gold

 gold.org

Contents
What makes gold a strategic asset? 01

Gold's key attributes 02

A long-term source of return 02

Beating inflation, combating deflation 03

Store of value 03

Diversification that works 05

A deep and liquid market 07

Portfolio impact 08

Risk/reward profile 08

Gold's ESG credentials and contributions 10

Potential risks and challenges 11

Conclusion12

The case for a strategic allocation to gold

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What makes gold

a strategic asset?
Gold has a key role as a strategic long-term investment and as a mainstay allocation
in a well-diversified portfolio. Investors have been able to recognise much of gold’s
value over time by maintaining a long-term allocation and taking advantage of its
safe-haven status during periods of economic uncertainty.

Gold can enhance a portfolio in three key ways:

Returns Diversification Liquidity

Gold is a highly liquid asset, which is no one’s liability, Combined, these characteristics make gold a clear
carries no credit risk, and is scarce, historically complement to stocks and bonds and a welcome
preserving its value over time. It also benefits from addition to broad-based portfolios.
diverse sources of demand: as an investment, a
reserve asset, gold jewellery, and a technology Moreover, the shift towards a greater integration
component. These attributes mean gold can enhance of environmental, social and governance (ESG)
a portfolio in three key ways: objectives within investment strategies has
important implications and we believe gold can play
Delivering long-term returns (p.2)
a role in supporting these. Gold – from established
Improving diversification (p.5) investment sources – should be recognised as an
asset that is responsibly produced and delivered from
Providing liquidity (p.7)
a supply chain that adheres to high ESG standards.
Gold also has a potential role to play in reducing
investor exposure to climate-related risks.

The case for a strategic allocation to gold 1

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Gold's key attributes Chart 1: Gold has performed well over the past 3,
5, 10 and 20 years, despite the strong performance
A long-term source of return of risk assets

Investors have long considered gold a beneficial Annualised return over the past 3, 5, 10 and 20 years*
asset during periods of uncertainty. Yet, historically,
CAGR, %
it has generated long-term positive returns in both
good and bad economic times. Its diverse sources 20%
of demand give gold a particular resilience and the
15%
potential to deliver solid returns in various market
conditions (Figure 1). Gold is, on the one hand, 10%
often used as an investment to protect and enhance
wealth over the long term, but on the other hand it is 5%
also a consumer good, via jewellery and technology
0%
demand. During periods of economic uncertainty,
it is the counter-cyclical investment demand that -5%
drives the gold price up. During periods of economic
expansion, the pro-cyclical consumer demand -10%
20yr 10yr 5yr 3yr
supports its performance. Combined, these factors
give gold the ability to provide stability under a range US cash EM stocks
of economic environments. US Treasuries Commodities
Global stocks Gold
Looking back over half a century, the price of gold in
US stocks
US dollars has increased by nearly 8% per year since
1971 when the US gold standard collapsed. Over *Returns from 31 December 2003 to 31 December 2023
this period, gold’s long-term return is comparable
Source: Bloomberg, ICE Benchmark Administration, World Gold Council
to equities and higher than bonds. Gold has also
outperformed many other major asset classes over
the past 3, 5, 10 and 20 years (Chart 1).

Figure 1: Gold’s sources of demand

Average annual net demand = 3,126 tonnes* (approx. US$195bn)

35% 7% 39% 19%

Jewellery** Technology** Investment Central banks

Expansion Uncertainty Both

*Based on 10-year average annual net demand estimates ending in 2023. Includes: jewellery and technology net of recycling, in addition to bars & coins, ETFs and central
bank demand which are historically reported on a net basis. It excludes over-the-counter demand, owing to limitations in data availability.

** Net jewellery and technology demand computed assuming 90% of annual recycling comes from jewellery and 10% from technology.

Source: Metals Focus, Refinitiv GFMS, World Gold Council

The case for a strategic allocation to gold 2

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Chart 3: Gold historically rallies in periods

Gold in US dollars has

of high inflation

Gold nominal and real returns in US dollars as a

increased by nearly function of annual inflation*

8% per year since 1971 Avg. annual return, %

30

25
Moreover, the diversity of its sources of demand help
20
to make gold a less volatile asset than some equity
indices, other commodities or alternatives (Chart 2). 15

10
Chart 2: Gold has been less volatile than many
5
equity indices, alternatives and commodities
because of its scale, liquidity and diverse sources 0
of demand Low (<2%) Moderate (2% - 5%) High (>5%)

US CPI % y/y
Average daily volatility of several major assets since
2003* Nominal return Real return*

*As of 31 December 2023. Based on y/y changes in US dollars for ‘gold’: LBMA
Global Agg bonds
Gold Price PM and ‘inflation’: US CPI since January 1971.
Global stocks
Source: Bloomberg, ICE Benchmark Administration, World Gold Council
BBG commodities

Gold
Our research also shows that gold should do well in
EM stocks periods of deflation. Such periods are characterised
US stocks by low interest rates, reduced consumption and
Private Equity
investment, and financial stress, all of which tend to
foster gold demand.
REITs

Crude oil
Store of value
0% 10% 20% 30% 40%
Annualised volatility, %
Historically, major currencies were pegged to
gold. That changed with the unravelling of the US
Stocks Bonds Alternatives gold standard in 1971 and the eventual collapse
of the Bretton Woods system. Since then, with few
*Annualised volatility is computed based on daily returns in US dollars between
31 December 2003 and 31 December 2023. Indices used: Bloomberg Global exceptions, gold has significantly outperformed all
Aggregate Bond Index, MSCI Daily Gross World Index; MSCI Daily Gross EM; MSCI major currencies and commodities as a means of
USA Index; LBMA Gold Price PM, Bloomberg Commodity Index, Bloomberg WTI
Crude Oil; S&P Listed Private Equity Index; FTSE Nareit Equity REITs Index USD. exchange. And although this outperformance was
particularly marked immediately following the end
Source: Bloomberg, ICE Benchmark Administration, World Gold Council
of the gold standard, gold has clearly continued
to outperform most major currencies in the more
Beating inflation, combating deflation recent past (Chart 4). A key factor behind this robust
Gold has long been considered a hedge against performance is that gold mine production has grown
inflation and the data confirms this: since 1971 it has slowly over time – increasing by approximately 1.7%
outpaced the US and world consumer price indices per year over the past 20 years.
(CPI). Gold also protects investors against high
inflation. In years when inflation was between 2%-
5%, gold’s price increased 8% per year on average.
This number increased significantly with even
higher inflation levels (Chart 3). Over the long term,
therefore, gold has not just preserved capital but also
helped it grow.

The case for a strategic allocation to gold 3

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Chart 4: The purchasing power of major currencies and commodities has significantly
eroded relative to gold

Value of currencies and broad commodities relative to gold ( January 2000 = 100)*

Value in gold

140

120

100

80

60

40

20

0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

US dollar Renminbi Pound sterling Singapore dollar

Euro Russian ruble Australian dollar Commodities
Yen Swiss franc Gold

*As of 31 December 2023. Relative value between ‘gold’: LBMA Gold Price PM, ‘commodities’: Bloomberg Commodity Index, and major currencies since 2000. Value of
commodities and currencies measured in ounces of gold and indexed to 100 in January 2000.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

By contrast, fiat money can be printed in unlimited Chart 5: Gold prices have tracked the expansion
quantities to support monetary policy, as exemplified of US money supply
by the quantitative easing measures in the aftermath
US M2 growth, US CPI and gold price*
of the Global Financial Crisis (GFC) and the COVID-19
pandemic. In these crises, many investors turned to Index level US$/oz
gold in order to hedge themselves against currency
3,000 2,500
devaluation and preserve their purchasing power
6.6%
over time.
2,500
2,000
In fact, the rapidly increasing US money supply 7.0%
and the low-rate environment fostered an optimal 2,000
environment for gold to perform well (Chart 5). 1,500

1,500

1,000
1,000 3.9%

500
500

0 0
1972 1984 1996 2008 2020

US CPI (LHS) US M2 (LHS) Gold (RHS)

*As of 31 December 2023. US CPI and US M2 were constructed using data from
January 1972 and re-based to 100 on January 1972. Gold based on the LBMA Gold
Price PM USD.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

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Diversification that works Chart 6: Gold becomes more negatively correlated

with stocks in extreme market selloffs
Effective diversifiers are sometimes hard to find. Correlation of US stocks versus gold and US stocks
Many assets become increasingly correlated as versus US Treasuries in various environments of US
market uncertainty rises and volatility is more equity market performance since 1994*
pronounced, driven in part by risk-on/risk-off
investment decisions. As a result, many so-called
diversifiers fail to protect portfolios when investors
S&P down by more than 2σ
need them most.

Gold is different in that its negative correlation

to equities and other risk assets increases as S&P between ±2σ
these assets sell off (Chart 6). The GFC is a case
in point. Equities and other risk assets tumbled in
value, as did hedge funds, real estate and most S&P up by more than 2σ
commodities, which were long deemed portfolio
diversifiers. Gold, by contrast, held its own and -0.50 -0.25 -0.00 0.25 0.50 0.75 1
increased in price, rising 21% in US dollars from
Correlation
December 2007 to February 2009. And in the most
recent sharp equity market pullbacks of 2020 and Gold US Treasuries

2022, gold’s performance remained positive.

*As of 31 December 2023. Correlations based on weekly returns in US dollars
for ‘stocks’: S&P 500 Index; ‘US Treasuries’: Bloomberg Barclays US Treasury
This robust performance is not surprising. With Index and ‘gold’: LBMA Gold Price PM since January 1994 due to availability of US
Treasury data. The top bar corresponds to the respective correlations when the
few exceptions, gold has been particularly effective S&P 500 weekly returns rise by more than two standard deviations. The middle
during times of systemic risk, delivering positive bar corresponds to the respective correlations when the S&P 500 weekly returns
are between two standard deviations (or ‘σ ’), while the bottom bar corresponds to
returns and reducing overall portfolio losses the respective correlation when the S&P 500 weekly returns fall by more than two
(Chart 7). standard deviations. The standard deviation for the S&P 500 is calculated using
weekly returns over the full period.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

Chart 7: The gold price tends to increase in periods of systemic risk

Stocks, bonds and gold during various crises*

CAGR, %

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

-50%
LTCM Dot-com 9/11 2002 Great Sov'gn debt Sov'gn debt Brexit 2018 COVID-19 2022
bubble Recession Recession crisis I crisis II pullback pullback

Global stocks US Treasuries Gold

*As of 31 December 2023. Return computations in US dollars for ‘Global stocks’: FTSE All World Index; ‘US Treasuries’: Bloomberg Barclays US Treasury Index; ‘gold’: LBMA
Gold Price PM. Dates used: Black Monday: 9/1987 - 11/1987; LTCM: 8/1998; Dot-com: 3/2000 - 3/2001; September 11: 9/2001; 2002 recession: 3/2002 - 7/2002; global
financial crisis (GFC): 10/2007 - 2/2009; Sovereign debt crisis I: 1/2010 - 6/2010; Sovereign debt crisis II: 2/2011-10/2011; Brexit: 23/6/2016 - 27/6/2016; 2018 pullback:
10/2018 - 12/2018; 2020 pullback: 31/1/2020 - 31/3/2020; 2022 pullback: 1/2022 – 12/2022.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

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But gold’s correlation does not just work for investors

Gold has a dual nature

during periods of turmoil. It can also deliver positive
correlation with equities and other risk assets in
positive markets, making gold a well-rounded
efficient hedge (Chart 8).
as both an investment
and a consumer good
This benefit arises from gold’s dual nature: as both
an investment and a consumer good. As such, the
long-term performance of gold is supported by
income growth. Our analysis bears this out, showing
that when equities rally strongly their correlation to
gold can increase. This is driven by a wealth effect
supporting gold consumer demand, as well as
demand from investors seeking protection against
higher inflation expectations.

Chart 8: Gold performs well in the recovery periods following a systemic selloff

Performance of gold and Treasuries from the market trough (bottom) to the market recovery point (stock
market levels before the systemic selloff)*

%
167%**
90%

70%

50%

30%

10%

-10%

-30%
Post LTCM Post dot-com Post 9/11 Post 2002 Post Great Post Sov'gn Post Sov'gn Post Brexit Post 2018 Post
bubble Recession Recession debt crisis I debt crisis II pullback COVID-19

Gold US Treasuries

* As of 31 December 2023. Return computations in US dollars for ‘US Treasuries’: Bloomberg Barclays US Treasury Index; ‘gold’: LBMA Gold Price PM. Dates used are based
on the end dates of Chart 7. Post Black Monday: 11/1987 - 6/1989; Post LTCM: 8/1998 - 11/1998; Post dot-com: 3/2001 - 5/2007; Post 9/11: 9/2001-11/2001; Post 2002
recession: 7/2002 - 11/2004; Post GFC: 2/2009 - 1/2013; Post sovereign debt crisis I: 6/2010 - 10/2010; Post sovereign debt crisis II: 10/2011 - 2/2012; Post Brexit: 6/2016 -
7/2016; Post 2018 pullback: 12/2018 - 6/2019; Post 2020 pullback: 3/2020 - 7/2020.

** The bar is truncated for the Dot-com bubble recovery due to its extreme differential between others and visibility.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

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A deep and liquid market

The gold market is large, global, and highly liquid.
Gold's trading volumes
We estimate that physical gold holdings by investors averaged approximately
and central banks are worth approximately US$5.1tn,
with an additional US$1.0tn in open interest through US$163bn per day in 2023
derivatives traded on exchanges or the over-the-
counter (OTC) market.

The gold market is also more liquid than several Chart 10: Gold is liquid across key investment
major financial markets, including euro/yen and the platforms
Dow Jones Industrial Average, while trading volumes Average daily trading volume by point of access in
are similar to those of US T-Bills (Chart 9). Gold’s 2023*
trading volumes averaged approximately US$163bn
per day in 2023. During that period, OTC spot and
derivatives contracts accounted for US$99bn and
gold futures traded US$62bn per day across various
global exchanges. Physically-backed gold ETFs (gold Gold ETFs
US$ 2bn
ETFs) offer an added source of liquidity, with global 1.2%
gold ETFs trading an average of US$2bn per day
(Chart 10). Exchanges
US$ 61.5bn
Chart 9: Gold trades more than many other major 37.8%

financial assets

Average daily trading volumes over the last year in OTC

US dollars* US$ 99.1bn
60.9%

UK Gilts

US Corporates (inv grad)

German Bunds

DJIA

Euro/yen *Average daily trading volume from 1 January 2023 to 31 December 2023. Gold
liquidity includes estimates of OTC transactions and published statistics on futures
Euro/sterling exchanges, and gold-backed exchange-traded products.

US T-Bills Source: Bloomberg, Nasdaq, World Gold Council

Gold**
The scale and depth of the market means that it
S&P 500
can comfortably accommodate large, buy-and-hold
0 50 100 150 200 250 institutional investors. In stark contrast to many
financial markets, gold’s liquidity does not dry up,
US$bn/day
even at times of financial stress. Importantly too,
Stocks Bonds Currencies gold allows investors to meet liabilities when less
liquid assets in their portfolio are difficult to sell, or
*Based on estimated average daily trading volumes from 1 January 2023 to mispriced.
31 December 2023, except for currencies that correspond to April 2022 daily
volumes due to data availability.

**Gold liquidity includes estimates on OTC transactions and published statistics

on futures exchanges, and gold-backed exchange-traded products.

Source: Bloomberg, Bank for International Settlements, UK Debt Management

Office (DMO), Germany Finance Agency, Japan Securities Dealers Association,
Nasdaq, World Gold Council

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Portfolio impact
Risk/reward profile It shows that an average USD portfolio would have
achieved higher risk-adjusted returns and lower
Long-term returns, liquidity and effective drawdowns if 2.5%, 5%, 7.5% or 10% were allocated to
diversification all benefit overall portfolio gold (Chart 12 and Table 1).
performance. In combination, they suggest that the
addition of gold can materially enhance a portfolio’s Chart 12: Adding gold over the past 20 years
risk-adjusted returns. would have increased risk-adjusted returns of a
hypothetical USD portfolio
Our analysis of investment performance over the
Risk-adjusted returns of a hypothetical portfolio with
past 3, 5, 10 and 20 years emphasises gold’s positive
and without gold*
impact on an institutional portfolio (Chart 11).
Risk adj. returns
Chart 11: Hypothetical portfolio
0.75
Asset allocation: 50% stocks, 40% fixed income,
10% alternatives*
0.70
Global stocks
3%
3%
3% EM stocks
5% 0.65
Global Small Cap

15% 40% US Treasuries

US Investment Grade 0.60

Avg 2.5% gold 5% gold 7.5% gold 10% gold
US HY portfolio
Portfolio mix
20%
5% Global REITs
5% * Based on US dollar performance between 31 December 2003
Hedge Funds and 31 December 2023.

Commodities Source: Bloomberg, ICE Benchmark Administration, World Gold Council

* As of 31 December 2023.

Source: World Gold Council

Table 1: Gold has increased risk-adjusted returns while reducing portfolio volatility
and maximum drawdowns

Comparison of an average hypothetical USD portfolio and an equivalent portfolio with 5% gold over the past 3, 5,
10 and 20 years based on US-dollar returns*

3-year 5-year 10-year 20-year

No gold 5% gold No gold 5% gold No gold 5% gold No gold 5% gold

Annualised returns 2.5% 2.6% 7.7% 7.9% 5.5% 5.6% 6.3% 6.4%

Annualised volatility 11.6% 11.3% 11.9% 11.5% 9.5% 9.2% 9.9% 9.6%

Risk-adjusted return 21.5% 22.8% 64.5% 68.2% 57.9% 60.5% 63.3% 66.9%

Maximum drawdown -19.9% -19.3% -19.9% -19.3% -19.9% -19.3% -35.3% -33.0%

*As of 31 December 2023.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

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Chart 13: Gold could significantly improve risk-adjusted portfolio returns across various levels of risk

Efficient frontier of a hypothetical average portfolio*

Return, %

8.5%

Equivalent volatility
8.0%
portfolio with gold

7.5%

Equivalent return
7.0%
portfolio with gold

6.5%
Portfolio without gold
6.0%

5.5%

5.0%

4.5%

4.0%
4% 6% 8% 10% 12% 14%

Efficient frontier – without gold Efficient frontier – with gold Volatility, %

* As of 31 December 2023.

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

In addition to a traditional historical simulation, Chart 14: The gold allocation that could deliver
a mean variance optimisation analysis suggests the maximum risk-adjusted return for each
that an allocation to gold may result in a material hypothetical portfolio mix
enhancement to portfolio risk-adjusted returns by
shifting the efficient frontier upwards. For example, Gold weight, %
a portfolio with gold could deliver a higher return for 12%
the same level of risk, or the same return for a lower
10%
level of risk (Chart 13).
8%
The ‘optimal’ amount of gold varies according
6%
to individual asset allocation decisions. Broadly
speaking, the analysis suggests that the higher the 4%
risk in the portfolio – whether in terms of volatility
2%
or concentration of assets – the larger the required
allocation to gold, within the range in consideration, 0%
to offset that risk (Chart 14). STOCKS: 35% STOCKS: 50% STOCKS: 65%
BONDS: 60% BONDS: 40% BONDS: 20%
ALTS: 5% ALTS: 10% ALTS: 15%

Portfolio mix, %
Gold may result in a * As of 31 December 2023.

material enhancement Source: Bloomberg, ICE Benchmark Administration, World Gold Council

to portfolio risk-adjusted
returns

The case for a strategic allocation to gold 9

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Gold’s ESG credentials

Gold also has a
and contributions
potential role to play in
While gold mining is, by definition, an extractive
industry, responsible gold miners follow stringent reducing exposure to
frameworks to mitigate environmental impact
and reduce risks. In fact, the social and economic
climate-related risks
contribution of the gold mining industry plays a
key role in the communities and host countries in
which it operates. It does so through the payment
of wages and taxes, supporting local economic
development, improving infrastructure, providing
access to healthcare and schooling, and much more.
The majority of this expenditure remains in the
local economies of host nations and communities,
as documented recently in our measurement of the
social and economic contribution of gold mining.
The industry is also committed to contributing to the
advancement of the UN Sustainable Development
Goals.

In addition, gold has a potential role to play in

reducing investor exposure to climate-related risks.
In fact, gold’s lack of downstream emissions has
important implications, as gold holdings can reduce
the overall carbon intensity of the portfolio value.
And the positive outlook for future decarbonisation
of the gold value chain has potential benefits for the
projected carbon profile, ‘implied temperature’ and
climate target alignment of portfolio holdings.

Our analysis suggests that gold has the potential

to perform better than many mainstream
asset classes under various long-term climate
scenarios, particularly if climate impacts create or
exacerbate market volatility or we experience a
disruptive transition to a net zero carbon economy.
Furthermore, gold’s value is less likely to be
negatively impacted by a rising carbon price, also
offering investors a degree of insulation from the
likely policy responses needed to accelerate the move
to a decarbonised economy.

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Potential risks
and challenges
Given the risk/reward trade off associated with any No cash flows: A widely perceived drawback of
investment, it is important to acknowledge and gold is that it does not provide any regular income,
understand not only opportunities, but also key risks. unlike other asset classes such as bonds, property
or even some company stocks. But the reason for
Non-standard valuation: Gold does not this is simple: gold has no credit risk. There is no
directly conform to the most common valuation promise to repay. Nor does it bear any counter-party
methodologies used for equities or bonds. Without risk. This means, however, that investors depend
a coupon or dividend, typical models based on on price appreciation to benefit from gold. And
discounted cash flows, expected earnings or book- in this regard gold has a good track record. It has
to-value ratios struggle to provide an appropriate generated long-term positive returns in both good
assessment for gold’s underlying value. This and bad economic times. At the same time, gold
presented an opportunity for the World Gold Council has outperformed many other major asset classes
to develop a framework to better understand gold over various investment horizons (3 years, 5 years,
valuation. 10 years, 20 years, and 50 years). Gold’s strong
performance is no coincidence: it is a by-product of
Our gold valuation framework allows investors to the underlying demand and supply dynamics, which
understand the drivers of gold demand and supply combine a natural scarcity with diverse sources of
and, based on market equilibrium, estimate their demand including jewellery, technology, investment
impact on price performance. and central banks.

Price volatility: Gold is a great diversifier to a

portfolio because it behaves so differently to equities
and bonds, not because it has a low volatility. And
while gold is a less volatile asset than some equity
indices, other commodities or alternatives, in some
years the metal has posted close to 30% gains (2010)
and in other years it has posted close to 30% losses
(2013). On balance, however, gold has an asymmetric
correlation profile with equities; in other words, it
does much better when equities fall than it does
badly when equities rise.

The case for a strategic allocation to gold 11

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Conclusion
Perceptions of gold have changed substantially over
the past two decades, reflecting increased wealth
in the East and a growing worldwide appreciation
of gold’s role within an institutional investment
portfolio.

Gold’s unique attributes as a scarce, highly liquid and

uncorrelated asset enable it to act as a diversifier
over the long term. Gold’s position as an investment
and a luxury good has allowed it to deliver annualised
returns of nearly 8% since 1971, comparable to
equities and more than bonds and commodities.

Gold’s traditional role as a safe-haven asset means

it comes into its own during times of high risk. But
its dual appeal as an investment and a consumer
good means it can generate positive returns in good
times too. This dynamic is likely to continue, reflecting
ongoing political and economic uncertainty, and
economic concerns surrounding equity and bond
markets.

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World Gold Council Research

Jeremy De Pessemier, CFA
We are a membership organisation that Asset Allocation Strategist
champions the role gold plays as a strategic
asset, shaping the future of a responsible and Johan Palmberg
Senior Quantitative Analyst
accessible gold supply chain. Our team of
experts builds understanding of the use case Kavita Chacko
Senior Analyst, India
and possibilities of gold through trusted
research, analysis, commentary and insights. Krishan Gopaul
Senior Analyst, EMEA
We drive industry progress, shaping policy
Louise Street
and setting the standards for a perpetual and Senior Markets Analyst
sustainable gold market.
Ray Jia
Research Head, China

Taylor Burnette
Research Lead, Americas

Juan Carlos Artigas

Global Head of Research

Market Strategy
John Reade
Senior Market Strategist,
Europe and Asia

Joseph Cavatoni
Senior Market Strategist,
Americas

Further information:

Data sets and methodology visit:

www.gold.org/goldhub

Contact:
research@gold.org

The case for a strategic allocation to gold 13

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through use of Qaurum, the Gold Valuation
Framework and other information are hypothetical
in nature, may not reflect actual investment results
and are not guarantees of future results. Neither
World Gold Council (including its affiliates) nor
Oxford Economics provides any warranty or
guarantee regarding the functionality of the tool,
including without limitation any projections,
estimates or calculations.

The case for a strategic allocation to gold 14

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Published: March 2024