If you have ever held gold within your portfolio, it is a safe assumption that you found the experience frustrating. Sometimes, the stars align for gold, such as positive retail/bank flows, falling real yields, a weaker US dollar and war breaking out somewhere. And yet the price of the yellow metal does nothing or, even worse, goes down. How about during the period of higher global inflation from mid-2021 till the end of 2022? Yep, gold went down 5% – meaning it went down a lot more if you adjusted for inflation.

Click HERE to access the report.