The golden illusion

Gold is a standout asset class of the last 3-years appreciating by around 15% p.a. in GBP & USD terms, 16% in EUR & AUD terms and 22% in NOK terms (to Sep-24, S&P GSCI Gold). The "why don't we own any gold" question tends to come up more frequently at these times, no doubt fuelled by the financial media. In this note we outline the pros and the cons of gold as an investment, summarising why on balance we feel that superior options exists. We hope you find it of use.

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The golden illusion

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