Gold breached the historic mark of **$4000 per ounce** last night - a milestone that confirms the strength of precious metals in uncertain times. With central banks continuing to hoard and inflationary pressures persisting, the end of this bull run seems far from imminent. Technical signals point to further rise toward **$4200-$4500**, as global investors seek refuge in the ultimate safe haven: Gold shines brighter than ever. $GLDA (-4.96%)
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13O my Gold

Golden times 🏅🥇
Sometimes it's worth taking a fresh look at the familiar - I'd like to share some new insights here and look forward to hearing your opinions on the subject:
Gold has been the subject of much discussion on the financial markets recently - and rightly so. In the current year 2025, the precious metal is one of the top performers: The spot price has risen by around 38-40% in USD terms since the start of the year, while global share indices have risen significantly less in the same period. According to the World Gold Council, gold was already up around +26% YTD by the middle of the year - a figure that had risen further to over +40% by September. By comparison, global equity ETFs were up ~+17% YTD (in USD) at mid-year. Gold marked new all-time highs around $3,700/oz.
What is driving this gold boom?
Several macroeconomic factors are at play. Firstly, a weaker US dollar in 2025 has boosted the price of gold, as gold is quoted in dollars. Secondly, there is still uncertainty in the geopolitical environment - from the ongoing war in Ukraine to trade conflicts - which is driving investors into safe havens. Added to this are concerns about inflation and recession, which are also increasing the attractiveness of gold as a store of value.
The demand from institutional investors is particularly noteworthy: central banks around the world are increasing their gold reserves more than they have for a long time. Since 2022, central banks have been buying over 1,000 tons of gold every year - around twice as much as the average in previous years. These record-high central bank purchases and continued inflows into gold ETFs are seen as the main drivers of the rally. At the same time, expectations of falling US interest rates (after the high interest rates of previous years) have reduced the opportunity cost of gold and sparked additional demand.
Gold in the portfolio: Diversification vs. "insurance"
Gold is a polarizing topic in many investor portfolios - often either not present at all or very highly weighted. Gold is traditionally seen as a "safe haven" and inflation protection. In fact, history shows that gold tends to rise, especially in times of crisis, when stock markets are weak. Gold recorded positive returns in 15 of the 20 worst quarters of the S&P 500 and outperformed equities in almost all other cases. This defensive characteristic makes it a stabilizer in many portfolios.
Even more important, however, is the diversification effect: gold has a relatively low or even negative correlation to traditional investments such as equities and bonds. In normal market phases, gold behaves independently and often in the opposite direction to share prices. This can help to reduce the fluctuation range of the overall portfolio - gold therefore does not "run" in step with the stock market indices.
Studies show that even a small addition of gold can measurably reduce portfolio risks: In one analysis, the Sharpe ratio (risk-return ratio) of an insurer's portfolio rose by around +12% when 2.5% gold was added. In other words, gold can improve the risk/return profile due to its low correlation. It is therefore no wonder that some asset managers recommend a gold allocation of ~10% in a balanced portfolio. Asset manager Sprott, for example, is of the opinion that ~10% physical gold (possibly supplemented by up to 5% in mining stocks) is a sensible component for risk diversification.
At the same time, gold should not be blindly idealized: Gold is not a perfect insurance policy for all eventualities. Like all investments, it is subject to fluctuations in value - sometimes considerable ones. For example, the price of gold lost around 29% of its value in 2013-2014 when the US Federal Reserve scaled back its ultra-loose monetary policy. Such drawdowns show that gold investors have to ride out lean periods.
In addition, gold does not generate any current income (no interest or dividends). In calm market phases, opportunity costs can therefore arise if, for example, bonds yield interest and gold is "only" unchanged. Some professionals - such as life insurers - argue that gold does not fit into the concept because no cash flow is generated.
Ultimately, it all comes down to perspective: Gold is less suitable for generating regular income, but more as a strategic asset component for extreme cases ("tail hedge") and for admixing with its own dynamic profile.
Personally, I take a middle course with gold.
Gold ETCs make up around 5-10% of my portfolio - not because I consider it to be the ultimate crash insurance, but as a deliberate counterbalance to equities and crypto. My aim is to have a share that develops independently of my equity investments and tends to be more stable or even positive in phases when equities and cryptocurrencies weaken. This strategy reflects what gold means for many investors: a diversifier and "crisis cushion", but not a sure-fire success.
It is interesting to note that gold and equities do not always move in opposite directions. The most recent example: In the first half of the 2020s, both gold and many stock markets recorded strong gains at the same time. Investors should therefore be aware that the correlation between gold and other assets can vary.
In phases of global booms (with simultaneously rising corporate profits and inflation), gold can certainly rise with equities. Conversely, in acute moments of panic, gold can also be sold off in the short term before it reasserts itself as a safe haven (as seen in March 2020, for example).
However, the overall picture remains: over longer periods, gold has its own price determination, driven by macro factors (inflation, real interest rates, USD exchange rate, geopolitical risks) and supply/demand (jewelry industry, investor demand, mining production). These factors are fundamentally different from equities and ensure that gold usually lives up to its reputation as a portfolio stabilizer.
Short-term fluctuation vs. long term: performance over time
What about long-term performance? Opinions are often divided here. In the long term - over many decades - gold has offered real value preservation plus a moderate increase in value, while equities (including dividends) have grown much more strongly.
An often-cited example: If one had invested $100 each in gold and the S&P 500 stock index since 1971 (the end of Bretton Woods and the freeing of the gold price), the gold investment would be around $7,000 today, but the stock investment would be over $26,000 (with dividend reinvestment). So over ~50 years, the stock market has delivered the higher growth.
But - and this is important - the answer depends heavily on the period under consideration. Anyone who started with gold and equities in 2000 has an advantage with gold today: $100 would have become ~$900 with gold, while $100 in the S&P 500 (well doubled despite the dotcom and financial crisis) grew to around $600.
The period 2000-2024 was characterized by two severe bear markets in equities and at the same time a major upswing in the price of gold. There were similar "catch-up runs" for gold in the 1970s: in the stagflation of that era, gold shot up massively while equities ran sideways.
What can we learn from this?
Timing and time horizon are crucial. Gold moves in long cycles. Phases of rapid rises (as recently since 2019) can follow longer lulls (think of the 1980s/90s, when gold barely moved for two decades).
- Over 10-20 years, gold can certainly keep pace with or outperform equities, especially if the starting period came from a low phase in the gold price.
- Since the turn of the millennium (1999-2024), for example, gold has returned an average of around +9.2% per year, outperforming global equities.
- Over 30+ years, on the other hand, broad equity indices are generally ahead, especially when dividends are taken into account.
Nevertheless, gold has also returned in real terms - since 1971 on average around +8 % p.a. in USD, which is well above inflation. This means that the often-heard criticism that gold "only preserves purchasing power but has no return" is not entirely fair - the real value of gold has also grown significantly over the decades.
It just depends on the chosen starting and end point. In terms of diversification, this means that gold can generate returns in certain phases and compensate for any losses in other asset classes, but you should not expect it to outperform equities on an ongoing basis.
The bottom line is that gold remains a special building block in the investment universe:
It is a commodity and currency substitute with its own supply/demand dynamics, not a productive investment in the traditional sense, but historically a reliable store of value over generations.
Particularly in an environment in which equities and bonds are again correlating positively at times (e.g. with simultaneous losses in 2022), gold is gaining in importance as an independent diversifier. Whether you hold 0%, 5% or 20% gold depends on your individual convictions, goals and risk preferences.
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$NEM
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Portfolio presentation & feedback
Hi there, i'm quite new here around and I'm moving/restructuring my portfolio from a private banking to TR, following @DonkeyInvestor suggestion here is my portfolio presentation:
INVESTMENT HORIZON & GOALS:
I'm 38 yo from Italy, no wife no kids, not planning to buy a house, at the moment having a salary from my own business of 8.000 euro/month, saving 4.500/month this way: 430/month pension fund 500/month in bond fund, 3.500/month in my portfolio in TR.
Putting together TR, what is left in the private bank, pension fund and bond fund, i have a 620k at the moment.
My goal is to be financially independent as early as possible and to be able to live off my portfolio, i really don't like to work in an office 8.10 hours a day and in addiction i have an autoimmune desease that will probably keep in an hospital in a 10-15 year.
STRATEGY
Why i was investing in a private bank stealing a lot in fees? Well i was in period of my like when i like to complicate things, so: the bank basically lend me 80% of the investment to do real estate investment. So even if i was spending 2-2.5% cost on my portfolio (VS 0.20% of an ETF), i parallely investing the 80% lending in real estate projects that give me a 12% annualy (- 0.35% + euribor lending cost).
So basically, higher cost compared to TR of SC, but the possibility to leverage.
Now i just want to simplify life with less stress and so i stopped the real estate business and moving the portfolio to TR, started in may i will finish to move everything in november.
STRATEGY
At the moment as I told you I'm trying to move all the portfolio to TR (just because it is the only one having an italian account to calculate automatically taxes) and trying to maximize my saving monthly rate.
I cannot follow a complicated strategy as the ones used by users such as @Epi , that i follow with real interest, but i can't copy. I'm looking for a simple autopilot.
HOW THE PORTFOLIO IS STRUCTURED
430/month in the pension fund because Italy gives you a tax exempion of 50% on the money you put in a private pension fund with a cap at 5196 euro/year.
500/month in the bond fund is just a mind calming medicine, it yields 3%/year
3.500/month go to TR where I also transferring the money, almost in the same % as it allocated the lump sum, in this way:
- 50% in world ETF, divided into 4 ETF in equal parts: $XDEM (-0.27%) + $JREG (+0.2%) + $IQSA (+0.16%) + $VWCE (-0.04%)
To have a solid and stable growth, with a bit of factor
- 10% of EM with $EIMI (-0.51%) and $FLXC (-0.68%)
In the past I was not a fan of EM, but I'm guessing if the world paradigm is changing and China is finally gaining a real leading role in the future
- 5% GOLD $SGLD (-4.93%)
Just for pure diversification
- 10-15% pure growth through $XNAS (+0.07%)
$IART (-0.41%)
$SMH (-0.54%)
$QNTM (-0.79%)
As a satellite to give a little boost in the long term, no matter the volatility
- 1-2% of frontier market through $XMKA (-0.53%)
$DX2Z (-0.48%)
Just for exotic reason
3% of a junk bond with a 14.5% yield $XS2800678224 (+0.49%)
Yes there's a $BTC (+2.52%) hold in Binance: i used to trade cripto in the past, i converted everything into BTC and hold it till my death
HOW I WANT TO PLAN FURTHER
Here is my real question for the GQ community. Of course I would like to have your opinion on the portfolio at the moment, but mostly i would like to know about the future, beacuse I don't know what to do at the moment between keeping this way or change to distributing ETF: as I told you at the beginning my plan is to try to stop working asap, even beacuse my health issue, and enjoy life. So every morning i wake up thinking: do i have to put all my capital and saving plan in $VWRL (+0.1%) to start moving to dividend while growing? I'm not that young to just go to accumulating ETF but not old enough to move to high dividend etf that lost value, so i'm i bit lost. Maybe continue like this and than in 5-10 years sell everything (and paying taxes on capital gain...) to move to dividends?
I hope this was enough clear to share all the infos, while staying the more synthetic possible!
Thanks in adavnce for your thoughts & feedbacks
You don't want a complicated strategy, but you have lots of different ETFs. I am convinced that you could reduce these in a targeted manner. Regarding Bitcoin, you should consider whether you really trust Binance in the long term.
Selling everything, reallocating and paying lots of taxes doesn't make sense. It is much better to simply sell shares than to bet on dividends. When you want and how much you want. You are much more flexible than with dividends.
Powell Speaks, Trump Fights, and the Bond Market Shifts: What It Means for the Economy
Today, Jerome Powell is giving a speech, and many people are wondering: will the U.S. central bank cut interest rates? Right now, most experts think it won’t happen—at least not yet. Inflation is still a concern, and Powell has said he wants to be careful before making any big decisions. The chance of a rate cut today is low—around 20% or less.
At the same time, there's a big fight going on between Donald Trump and Elon Musk. Trump is angry because Musk doesn’t support his new law, the “Big Beautiful Bill” (BBB). Now Trump is saying negative things about Musk and hinting he might take away government help from Musk’s companies. This fight is making investors nervous and causing Tesla’s stock to drop. $TSLA (+0.12%)
About that bill: it’s very expensive. Experts say it could add over $3 trillion to the U.S. national debt in the next 10 years. It gives more money to the military and cuts taxes but also removes funds for healthcare $PFE (+0.6%) and clean energy $FSLR (-0.35%) . Some people say it could hurt the economy in the long run.
Lastly, let’s look at the 10-year bond—an important signal for the economy. Right now, the yield is about 4.19%, which is lower than it was a few weeks ago. When bond yields fall, it often means investors expect the economy to slow down and that interest rates might be cut soon.
In short: Powell is being cautious, Trump and Musk are arguing, and the bond market is flashing warning signs. Together, these things could shape what’s coming next for the U.S. economy. $SPPX (+0.77%)
$SGLD (-4.93%)
My modular global portfolio strategy 🧩🌍
Hi everyone!
I've been investing for almost a year now with a small amount of capital, mostly to get familiar with the world of markets and personal finance. I’m 26, conservative investor, and I’ve always kept my distance from trading, YouTube “gurus” and get-rich-quick schemes.
After some time learning and experimenting, I wanted to share my strategy and hear what more experienced investors think.
🧠 The idea: build a modular portfolio with global exposure. Instead of the usual split between developed and emerging markets, I prefer dividing by region — using two ETFs per region: one accumulating and one distributing.
Why both? Honestly, I’m still figuring it out — but I like the idea of having some exposure to dividends while reinvesting long-term. My goal is to reach €50,000 in savings as a milestone, partly because that’s the cap for earning interest on Trade Republic’s savings account (which I’m also using).
⚙️ I invest monthly (~€700) and aim to rebalance the weights annually. I selected ETFs with low TERs and (when possible) EUR-based to avoid currency conversion. It’s not always easy to find the perfect match, but here’s the setup:
- Europe (40%)
ETF (Acc) --> $SMEA (-0.01%) | ETF(Dist) --> $EQDS (+0.35%)
- USA (30%)
ETF (Acc) --> $SPPW (+0.09%) | ETF(Dist) --> $SPY5 (+0.25%)
- Emergin Markets (20%)
ETF (Acc) --> $EIMI (-0.51%) | ETF (Dist) --> $IEEM (-0.57%)
- Gold + BTC (10%)
ETF --> $SGLD (-4.93%)
The idea is to split each region’s weight equally between the two ETFs — that is, 50% of the region's allocation to each ETF. This results in a total TER of 0.289%.
Would love to hear your thoughts, feedback, or suggestions! Still very new to all this, so any insight from more experienced investors would be super helpful 🙌
Thanks for reading! 🚀
My Portfolio
Hello everyone,
First of all, my name is Tiago and I'm from Portugal, so there's a chance I'll have some writing mistakes.
I will share with you my Portfolio and my currently ideas.
So, basically I'm a 22 years old boy that became fascinated by this world of investments in the past year. I've been reading a lot of things about the market and how it works. I consider myself a passive investor with a little affection to risk, so once in a while I might add to my portfolio some "FOMO" and "meme" stocks. My currently portfolio basically consists in some ETFs and 3 single stocks $AMD (-1.06%)
$NU (+0.19%)
$TSM (-0.88%) .
I currently have a monthly savings plan of 450€ consisting in diversified ETFs and some bitcoin:
$VUAG (+0.24%) 159 € S&P 500 35%
$VWCE (-0.04%) 135 € FTSE-ALL World 30%
$EIMI (-0.51%) 45 € Emerging Markets 10%
$MEUD (-0.05%) 45 € Stoxx 600 Europe 10%
$VAGF (+0.23%) 22 € Global Bonds 5%
$SGLD (-4.93%) 22 € Gold 5%
$BTC (+2.52%) 22 € Bitcoin 5 %
Note: I was reinforcing $XNAS (+0.07%) until last month but the geopolitical scene changed, and I decided that I should not overlap that much in US. That resulted in me moving that allocation to $MEUD (-0.05%) .
This portfolio gives me around 53% exposure to US, 19% developed markets, 13% emerging markets, 5% gold, 5% bonds and 5% bitcoin.
I know that the % would almost be the same if I only invested in: $VWCE (-0.04%) +$VAGF (+0.23%) +$SGLD (-4.93%) +$BTC (+2.52%) but I want to have the power to change the allocations and reinforce wherever I want to.
Since I am betting in the whole market I don't expect huge growth unless I reinforce with some bigger amounts when good "dips" arrive.
I have an emergency fund, but no one knows how we will end up in 5 years... that's why if a crisis arrives, I'll use my gold and bonds as liquidity to either reinforce my etfs or use that money myself.
First of all congrats on starting your investing journey at such a young age. I like your passive approach, but would suggest you to make it more simple. With $VWCE you are basically already investing in $VUAG $EIMI and $MEUD. I think you would be much better off managing less ETF - less moving parts, less headache, easier to stick to your plan. Nonetheless you are on a great path and ahead of 99% of people already. Just keep buying and don't overcomplicate things. Good luck!
My porfolio
Hello,
What do you think about my investment portfolio? Do you see potential? I started investing in October 2024 and my goal is long-term.
I will continue investing quarterly only in the 3 ETFs and BTC.
This will be the quarterly distribution:
$ISAC (+0.13%)
iShares MSCI ACWI ETF
42%
$IUIT (+0.12%)
iShares S&P 500 Info Tech
33%
$SGLD (-4.93%)
Invesco Physical Gold
18%
$BTC (+2.52%)
Bitcoin
7%
I won't be buying any more shares of Nvidia, Tesla, Microsoft and XRP but I won't be selling them anytime soon either.
Thanks for your comments :)
What do you think about gold $SGLD (-4.93%) in your portfolio? Combined with an All World $VWCE (-0.04%) I expect that, in small percentages, it can help to further diversify given the fact that it should be completely untied from the market trend
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