Société de recherche indépendante en macro-économie et stratégie d’investissement

Let’s look first at some historical data. Since 1825, gold has performed in line with the money market (nil real performance) but less well than equities and bonds (4% and 1% respectively in real terms in France). In 2023, we were overweight gold from mid-May to mid-December, which proved positive . But the recent surge in the gold price (+9% in USD since mid-February) came as a surprise, when gold was no longer among our priority assets...