The Barbarous Relic Strikes Back: The Role of Gold in Investment Portfolios

Sean Gill, CFA, CAIA, Director of Alternative Assets Research

In times of elevated market volatility, investors cast their eyes to any asset category that rises as stock markets and other risky assets fall. Amid the turmoil of the last several years, only a few assets have risen consistently in price – prominently US Treasuries and gold. In fact, one cannot go very far without encountering the topic of gold. Whether you’re reading the Wall Street Journal, chatting near the water cooler, or scanning Twitter, the shiny yellow metal tends to come up in conversation. NEPC believes the analysis of gold requires a nuanced approach that should not lead to a binary yes-no answer.

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