Gold
Property, not a promise. The only asset no government can print or confiscate.
Dedollarization Is Not a Theory
The shift away from dollar dominance is underway. Central banks in South America, the Gulf, and across Asia have been buying gold at multi-decade record rates since 2022 — not because gold yields anything, but because it is nobody's liability. In a world where US sanctions have demonstrated that dollar reserves can be frozen overnight, sovereign wealth managers want an asset that cannot be confiscated.
This is a structural, decades-long rotation. Not a trade.
Gold Rises When Confidence Falls
Wars, political crises, geopolitical uncertainty — gold prices them in real time. The portfolio was built in January 2023, after a year that featured a European land war, global inflation, and the fastest rate hiking cycle in 40 years. The signals were clear: we are in an era of elevated structural uncertainty. Gold is the natural beneficiary.
Gold and Rates: The Invisible Relationship
Gold has no yield. In a world of high real rates, that is a cost — opportunity cost of holding bonds or cash instead. But when real rates fall toward zero, that cost disappears. Gold becomes the obvious safe haven: no counterparty risk, no credit risk, no political risk. Just weight.
The long-term trajectory of rates — in a world of aging demographics, high debt loads, and slowing productivity — is down. Gold is positioned for that world.
15% of the portfolio. Permanent. No exit trigger defined — because the conditions that make gold valuable are not cyclical. They are structural.