Nice chart by BofA showing central bank gold purchases from 2020-2023
Thru Ronnie Stoeferle
As shown by Meb Faber, holding 40% gold instead of US treasuries within your 60-40 portfolio would have delivered similar results as the 'traditional' 60-40 portfolio...
Going forward, with US Treasuries expected to be a poor diversifier due to supply overhang and sticky inflation, gold might prove to be even more useful within multi-assets portfolios.
Costco is selling a lot of Gold
Source: Nostra, House of Gold, CNBC
Estimated People's Bank of China (PBOC) gold holdings
Source: World Gold Council, Gainesville Coins
Chinese gold ETFs have cornered the bulk of the inflows in Asia this year.
Source: David Ingles
Gold is rallying despite retail and institutional investors dumping.
This is bullish. But who is buying by the way? Central banks... Do they know something investors don't know? Source: BofA
Gold as the ultimate macro hedge / diversifier within a multi-assets portfolio
This might be one of key investment theme of the current decade
Mind the gap:
Gold has hit fresh ATH despite a rise in US real yields. At current 2% 10y real rate, Gold at $2,300/oz is ~$270/oz expensive, Jefferies has calculated. There are fundamental reasons: Increased government spending & indications of a willingness to accept higher inflation Source: HolgerZ, Bloomberg
