Gold: Portfolio Insurance or an Expensive Momentum Trade?
Gold is frequently presented as protection against inflation, currency weakness and geopolitical instability. But after a period of exceptional gains—and considerable volatility—investors must decide whether they are buying genuine portfolio insurance or simply following an asset whose price has already risen.
ET&A Research · 5 August 2026
Gold occupies a curious place in financial markets. It produces no earnings, pays no dividend and generates no cash flow. Its value cannot be estimated through the discounted profits, rental income or interest payments that support most conventional assets.
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