Satt och förberedde inför morgondagens intervju med Eric Strand och trillade över följande rapport “The relevance of gold as a strategic asset - European Edition” från World Gold Council. Det är ju naturligtvis en partsinlaga eftersom den kommer från en branschorganisation, men det gör ju den inte mindre läsvärd. Ett riktigt bra perspektiv på guld som balans till alla som tycker att guld t.ex. inte har en naturlig avkastning och inte har en roll i en modern portfölj.
Gillade framförallt denna sidan som är en bra sammanfattning:
Gold benefits from diverse sources of demand: as an investment, a reserve asset, a luxury good and a technology component. It is highly liquid, no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time.
Gold can enhance a portfolio in four key ways:
- generate long-term returns
- act as a diversifier and mitigate losses in times of market stress
- provide liquidity with no credit risk
- improve overall portfolio performance.
Our analysis illustrates that adding between 3% and 11% in gold to an average European investor’s portfolio over the past 20 years would have resulted in higher risk-adjusted returns.
Gold is long considered a hedge against inflation and the data confirms this. The average annual return of nearly 12% since 1971 has outpaced the European consumer price index (CPI).
Gold also protects investors against extreme inflation. In years when inflation was higher than 3%, gold’s price increased 15% on average (Chart 4). Over the long term, therefore, gold has not just preserved capital but helped it grow.
Notably too, research by Oxford Economics shows that gold should do well in periods of deflation.14 Such periods are characterised by low interest rates, reduced consumption and investment, and financial stress, all of which tend to foster demand for gold.
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