2026 update

Rethink diversification: New insights from “The role of gold in investment portfolios”

More than 50 years of market data challenge some familiar assumptions about gold—when it helps, how it diversifies, and whether a small allocation is enough.

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Gold may have a broader portfolio role than traditionally assumed

The Role of Gold in Investment Portfolios 2025 white paper cover

The research looks beyond gold’s reputation as a crisis hedge to examine how it affected diversification, risk-adjusted returns, and portfolio performance across a wide range of market and economic conditions.

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Put more than 50 years of gold data to work

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See how gold held up when diversification mattered most

Compare five major asset classes across eight crisis environments—and see how gold’s defensive reputation held up against the historical record.
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Is gold more than a crisis hedge?

Gold’s historical strength wasn’t limited to periods of stress. See how it performed across changing economic regimes—and what that may suggest about a broader portfolio role.
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Look beyond the stock-bond mix

Gold’s long-term correlations with equities and Treasurys were close to zero. See why that independence may make gold a valuable diversifier alongside traditional assets.
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Question the “small slice” assumption

Gold is often treated as a modest satellite allocation. See what happened to risk-adjusted returns as its share of a traditional balanced portfolio increased.

See what the data could mean for your clients’ portfolios

Download the 2026 update of “The role of gold in investment portfolios” and explore what more than 50 years of market data could add to your thinking about diversification, allocation, and client portfolios.

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