1、gold.orgThe case for a strategic allocation to gold gold.orgGold as a strategic asset2024 editionThe case for a strategic allocation to gold gold.orgContentsWhat makes gold a strategic asset?01Golds key attributes 02 A long-term source of return 02 Beating inflation,combating deflation 03 Store of v

2、alue 03 Diversification that works 05 A deep and liquid market 07 Portfolio impact 08 Risk/reward profile 08 Golds ESG credentials and contributions 10 Potential risks and challenges 11 Conclusion 12 gold.orgThe case for a strategic allocation to gold What makes gold a strategic asset?Gold has a key

3、 role as a strategic long-term investment and as a mainstay allocation in a well-diversified portfolio.Investors have been able to recognise much of golds value over time by maintaining a long-term allocation and taking advantage of its safe-haven status during periods of economic uncertainty.Gold c

4、an enhance a portfolio in three key ways:1ReturnsLiquidityDiversificationGold is a highly liquid asset,which is no ones liability,carries no credit risk,and is scarce,historically preserving its value over time.It also benefits from diverse sources of demand:as an investment,a reserve asset,gold jew

5、ellery,and a technology component.These attributes mean gold can enhance a portfolio in three key ways:Delivering long-term returns(p.2)Improvingdiversification(p.5)Providing liquidity(p.7)Combined,these characteristics make gold a clear complement to stocks and bonds and a welcome addition to broad

6、-based portfolios.Moreover,the shift towards a greater integration of environmental,social and governance(ESG)objectives within investment strategies has important implications and we believe gold can play a role in supporting these.Gold from established investment sources should be recognised as an