Ask its bulls why they are evangelically in Au of gold, and you will never be short of reasons for being long. They point to it being a class insurance against dollar weakness; identifying too its lucrative luxury status in the eyes of burgeoning and conspicuous consumerist EM classes. Also pointed to is gold’s safe-haven status in the face of rising geo-political risk, and a highly sought-after store and transfer of wealth, flying as it does so low under DM tax and regulatory radars. Add to all this comparatively inelastic supply, and surely the argument for gold is compelling?

Well, I don’t buy it. Don’t get me wrong, I recognise gold is a real investable asset; unlike cryptos and NFTs. This accepted, I see gold as warranting only a fractional allocation of any sensible portfolio. For one, I am not in Au of it being anywhere close to the best fiduciary dollar hedge; its role in this regard being ever more reduced as currencies and sovereign debt of new wealth economies become more liquid; offering both yield and appreciation (most notably RMB, Aud and Cad, all three rich in Aurum).