The precious metal has a lousy long-term record both as a store of value and an inflation hedge.
Amid economic downturns, political turmoil and inflation, gold tends to thrive. Today, we sure have those first two malign forces battering us.
Well, then came the U.S.-China trade war and gold took off again. The pandemic has fueled the rise further. Want to bet that the gold price will stay this high and go higher over a long period? The smart money doesn’t think so. Institutions, whose guiding principle is long-term investing, usually spurn gold or just keep a tiny amount for diversification purposes. The $157 billion Teacher Retirement System of Texas has less than 1% in gold.
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