1、 gold.org Gold as a strategic asset 2025 edition gold.org Gold as a strategic asset 2025 edition 02 Contents What makes gold a strategic asset?3 Golds key attributes 4 A long-term source of return 4 Diversification that works 7 A deep and liquid market 9 Portfolio impact 10 Risk/reward profile 10 Go

2、lds ESG credentials and contributions 12 Potential risks and challenges 13 Conclusion 14 gold.org Gold as a strategic asset 2025 edition 03 Gold 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

3、diverse sources of demand:as an investment,a reserve asset,gold jewellery,and a technology component.These attributes mean gold can enhance a portfolio in three key ways:Delivering long-term returns(p.4)Improving diversification(p.7)Providing liquidity(p.9)Combined,these characteristics make gold a

4、clear complement to stocks and bonds and a welcome addition to broad-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

5、.Gold from established investment sources should be recognised as an asset that is responsibly produced and delivered from a supply chain that adheres to high ESG standards.Gold also has a potential role to play in reducing investor exposure to climate-related risks.What makes gold a strategic asset

6、?Gold has a key 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 unc