Commodities & Gold

Baker: Gold as structural portfolio component regardless of narratives

Whitney Baker

“Gold serves a structural role in every portfolio over long time horizons, functioning alongside stocks (for beta exposure) and bonds (for deflationary protection). While the recent simultaneous 25% gains in both gold and US stocks is historically unprecedented and difficult to interpret, gold's current position near all-time highs and its fundamental portfolio role remain significant regardless of short-term narratives or market positioning.”

McVey: Central banks driving gold as reserve currency alternative

Henry McVey

“Gold has surpassed the euro as the number two holding among central banks, driven by two forces: increased fiscal spending that makes investors nervous about reserves, and financial decentralization through vehicles like Bitcoin. This shift represents central banks viewing gold as a store of value rather than a commodity investment, fundamentally different from assets like oil.”

Marks: Gold lacks intrinsic value and cannot be analyzed through cash flows

Howard Marks

“Gold, like Bitcoin and other commodities, has no intrinsic value and its price is purely what the market will bear. Unlike assets that generate cash flows, gold cannot be analyzed analytically based on fundamental value calculations. While people may invest in gold out of superstition, as a store of value, or speculation on price increases, there is no rational, cash-flow-based framework for determining what it should be worth.”

Alden: Gold is not a perfect hedge with guaranteed timing

Lyn Alden

“Gold should not be considered a hedge in the traditional sense like a put option, because it doesn't necessarily pay off at the exact moment investors need it to. While gold has properties that tend to give it risk-off and safe haven characteristics, its timing is unpredictable—as seen during the March 2020 selloff when gold declined alongside other assets during a dollar shortage. Gold is better understood as a hard money asset with its own distinct behavior rather than a reliable short-term hedge.”

Taylor: Gold keeps pace with inflation but doesn't beat it long-term

Bryan Taylor

“Commodities historically have kept pace with inflation but haven't beaten it over the long term. Gold currently appears attractive and is probably due for a move after trading around $2,000 for about a decade, though it's not expected to surge dramatically in the near future.”

Paul Tudor Jones: Bitcoin superior to gold as inflation hedge

Paul Tudor Jones

“Bitcoin is unequivocally the best inflation hedge available, superior even to gold, because Bitcoin has a finite supply with only a limited amount that can be mined. Gold, by contrast, lacks this absolute scarcity constraint that makes Bitcoin the optimal choice for inflation protection.”

FRAGILE Market: A Breaking Point Could Be Coming Soon (Research Affiliates' Jim Masturzo Reveals)

Jim Masturzo

“back to 2000 They Don't Really return anything Commodities are an area where active management makes a lot of sense factor-based Investments you know we do a lot of work on thinking about commodity factors and putting those together and when you're dealing wit”

This Is How a Financial Empire Ends (And Where the New One Begins)

Whitney Baker

“inflation. Commodities are good for investment booms and you know uh sort of more positive growth inflationary growth environments. Gold is good for debasement like specifically it's the best asset in that situation. And so I would say at any point in time you”

Mastering the Capital Cycle | Capital Returns by Edward Chancellor (TIP729)

Clay Finck

“…e necessary inputs to help fuel their rise. Supply of these commodities was tight as a result of underinvestment in the mid to late 1990s and many were calling for a commodity super cycle making the case that the rise in commodity prices was just beginning. Co”

They Called It Crazy - Now It’s Common Sense

Mike Philbrick

“…nd it really kind of misses the point, right? Psychological commodities are things that come from cultural acceptance, right? We've accepted in, you know, in this western world and uh that gold from probably the 1500s is a store of value and there's some physi”

Webinar Replay: Cambria Global EW 2 ETF and 351 ETF Conversions (GEQ) | Meb Faber

Meb Faber

“gold, commodities, commodity equities, foreign emerging, the BRICS. But commodities and commodity equities had a big resurgence. People started adding them to portfolios that never had them and then they disappointed for a long time and everyone sold them. And”

Webinar Replay: Meb Faber - Navigating 2026

Meb Faber

“…stors, do you have any gold or precious metals or miners or commodities in general, most say no or if they do, it's it's very little. So again, going back to trend, you know, as an adviser, there's definitely some career risk when you buy a lot of these things”

Survive & Thrive No Matter What w/ Arnold Van Den Berg (RWH061)

Arnold Van Den

“…urrency starts to depreciate. And it is no coincidence that commodities, gold, silver, copper, agriculture, all of these commodities relative to the S&P. If I was to show you the commodity index divided by the S&P, the S&P is up here and the commodity index ar”

Signs Of The Late Stage Bull Market: Felix Zulauf Reveals

Felix Zulauf

“…ere's a whole lot of discussion going on about oil and some Commodities as they always do have gone Haywire this year you know we had Coco going Looney earlier in the year and all sorts of stuff going on but you know as you think about Commodities as someone w”