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1、 gold.org Gold as a strategic asset 2025 edition gold.org Gold as a strategic asset 2025 edition 02 Contents What makes gold a strategic asset?3 Golds key attributes 4 A long-term source of return 4 Diversification that works 7 A deep and liquid market 9 Portfolio impact 10 Risk/reward profile 10 Go

2、lds ESG credentials and contributions 12 Potential risks and challenges 13 Conclusion 14 gold.org Gold as a strategic asset 2025 edition 03 Gold is a highly liquid asset,which is no ones liability,carries no credit risk,and is scarce,historically preserving its value over time.It also benefits from

3、diverse sources of demand:as an investment,a reserve asset,gold jewellery,and a technology component.These attributes mean gold can enhance a portfolio in three key ways:Delivering long-term returns(p.4)Improving diversification(p.7)Providing liquidity(p.9)Combined,these characteristics make gold a

4、clear complement to stocks and bonds and a welcome addition to broad-based portfolios.Moreover,the shift towards a greater integration of environmental,social and governance(ESG)objectives within investment strategies has important implications and we believe gold can play a role in supporting these

5、.Gold from established investment sources should be recognised as an asset that is responsibly produced and delivered from a supply chain that adheres to high ESG standards.Gold also has a potential role to play in reducing investor exposure to climate-related risks.What makes gold a strategic asset

6、?Gold has a key role as a strategic long-term investment and as a mainstay allocation in a well-diversified portfolio.Investors have been able to recognise much of golds value over time by maintaining a long-term allocation and taking advantage of its safe-haven status during periods of economic unc

7、ertainty.Golds key attributes gold.org Gold as a strategic asset 2025 edition 04 A long-term source of return Investors have long considered gold a beneficial asset during periods of uncertainty.Yet,historically,it has generated long-term positive returns in both good and bad economic times.Its dive

8、rse sources of demand give gold a particular resilience and the potential to deliver solid returns in various market conditions(Figure 1).Gold is,on the one hand,often used as an investment to protect and enhance wealth over the long term,but on the other hand it is also a consumer good,via jeweller

9、y and technology demand.During periods of economic uncertainty,it is the counter-cyclical investment demand that drives the gold price up.During periods of economic expansion,the pro-cyclical consumer demand supports its performance.Looking back over more-than half a century since the US gold standa

10、rd collapsed in 1971,the price of gold in US dollars has increased by 8%on an annualised basis a performance comparable with that of equities and higher than that of bonds over the same period.Gold has also outperformed many other major asset classes over the past 1,3,5,10 and 20 years(Chart 1).The

11、fact that gold has performed so well is no coincidence.Our research shows that the gold price over the long term is primarily driven by an economic component balanced by a financial component.We call this approach Golds Long Term Expected return(GLTER).GLTERs robust framework builds upon the composi

12、tion and drivers of above-ground gold stocks.The model suggests that golds long-run return closely mirrors global GDP and is,therefore,materially higher than inflation.This also implies that gold should be viewed as an asset that can positively contribute to long-term portfolio returns,supplementing

13、 its well-established role as a hedge.Golds key attributes Chart 1:Gold has performed well over the past 1,3,5,10 and 20 years,despite the strong performance of risk assets Annualised return over the past 1,3,5,10 and 20 years*Returns from 31 December 2004 to 31 December 2024.Source:Bloomberg,ICE Be

14、nchmark Administration,World Gold Council Figure 1:Golds sources of demand Average annual net demand=3,034 tonnes*(approx.US$233bn)*Based on 10-year average annual net demand estimates ending in Q4 2024.Includes:jewellery and technology net of recycling,in addition to bars and coins,ETFs and central

15、 bank demand which are historically reported on a net basis.It excludes over-the-counter demand,owing to limitations in data availability.*Net jewellery and technology demand computed assuming 90%of annual recycling comes from jewellery and 10%from technology.Source:Metals Focus,Refinitiv GFMS,World

16、 Gold Council-5%0%5%10%15%20%25%30%20yr10yr5yr3yr1yrUS cashUS TreasuriesGlobal stocksUS stocksEM stocksCommoditiesGoldCAGR,(%)Golds key attributes gold.org Gold as a strategic asset 2025 edition 05 Moreover,the diversity of its sources of demand help to make gold a less volatile asset than some equi

17、ty indices,other commodities or alternatives(Chart 2).Chart 2:Gold has been less volatile than many equity indices,alternatives and commodities because of its scale,liquidity and diverse sources of demand Average daily volatility of several major assets since 2004*Annualised volatility is computed b

18、ased on daily returns in US dollars between 31 December 2004 and 31 December 2024.Indices used:Bloomberg Global Aggregate Bond Index,MSCI Daily Gross World Index;MSCI Daily Gross EM;MSCI USA Index;LBMA Gold Price PM,Bloomberg Commodity Index,Bloomberg WTI Crude Oil;S&P Listed Private Equity Index;FT

19、SE Nareit Equity REITs Index USD.Source:Bloomberg,ICE Benchmark Administration,World Gold Council Beating inflation,combating deflation Gold has long been considered a hedge against inflation and the data confirms this:since 1971 it has outpaced the US and world consumer price indices(CPI).1 Gold al

20、so protects investors against high inflation.In years when inflation was between 2%-5%,golds price increased 8%per year on average.This number increased significantly with even higher inflation levels(Chart 3).Over the long term,therefore,gold has not just preserved capital but also helped it grow.1

21、.See reference to GLTER on the previous long-term returns section.Chart 3:Gold historically rallies in periods of high inflation Gold nominal and real returns in US dollars as a function of annual inflation*As of 31 December 2024.Based on y/y changes in US dollars for gold:LBMA Gold Price PM and inf

22、lation:US CPI since January 1971.Source:Bloomberg,ICE Benchmark Administration,World Gold Council Our research also shows that gold should do well in periods of deflation.Such periods are characterised by low interest rates,reduced consumption and investment,and financial stress,all of which tend to

23、 foster gold demand.Store of value Historically,major currencies were pegged to gold.That changed with the unravelling of the US gold standard in 1971 and the eventual collapse of the Bretton Woods system.Since then,with few exceptions,gold has significantly outperformed all major currencies and com

24、modities as a means of exchange.And although this outperformance was particularly marked immediately following the end of the gold standard,gold has clearly continued to outperform most major currencies in the more recent past(Chart 4).A key factor behind this robust performance is that gold mine pr

25、oduction has grown slowly over time increasing by approximately 1.7%per year over the past 20 years.0%20%40%Crude OilREITsPrivate equityUS stocksEM stocksGoldBBG CommoditiesGlobal developed stocksGlobal Agg bondsAnnualised volatility,%StocksAlternativesBonds 0%5%10%15%20%25%30%Low(5%)Avg.annual retu

26、rn,%US CPI%,y/yNominal returnReal return*Gold in US dollars has increased by 8%per year since 1971 Golds key attributes gold.org Gold as a strategic asset 2025 edition 06 By contrast,fiat money can be printed in unlimited quantities to support monetary policy.This is clearly exemplified by the quant

27、itative easing(QE)measures implemented in the aftermath of the Global Financial Crisis(GFC)and the COVID-19 pandemic.These crises saw many investors turn to gold to hedge themselves against currency devaluation and preserve their purchasing power over time.The environment catalysed by QE created opt

28、imal conditions for gold to perform well,tracking the rapid expansion in the US money supply(Chart 5).2 2.This is also consistent with the results from GLTER,given the link between money supply and economic growth.Chart 5:Gold prices have tracked the expansion of US money supply US M2 growth,US CPI

29、and gold price*As of 31 December 2024.US CPI and US M2 were constructed using data from January 1972 and re-based to 100 on January 1972.Gold based on the LBMA Gold Price PM USD.Source:Bloomberg,ICE Benchmark Administration,World Gold Council Chart 4:The purchasing power of major currencies and comm

30、odities has significantly eroded relative to gold Value of currencies and broad commodities relative to gold(January 2000=100)*As of 31 December 2024.Relative value between gold:LBMA Gold Price PM,commodities:Bloomberg Commodity Index,and major currencies since 2000.Value of commodities and currenci

31、es measured in ounces of gold and indexed to 100 in January 2000.Source:Bloomberg,ICE Benchmark Administration,World Gold Council 0204060801001201402000200220042006200820102012201420162018202020222024Value in goldUS dollarEuroYenPound sterlingAustralian dollarRenminbiRussian rubleSwiss francSingapor

32、e dollarCommoditiesGold05001,0001,5002,0002,5003,00005001,0001,5002,0002,5003,00019721984199620082020US$/ozIndex levelUS CPI(LHS)US M2(LHS)Gold(RHS)3.9%7.4%6.5%Golds key attributes gold.org Gold as a strategic asset 2025 edition 07 Diversification that works Effective diversifiers are sometimes hard

33、 to find.Many assets become increasingly correlated as market uncertainty rises and volatility is more pronounced,driven in part by risk-on/risk-off investment decisions.As a result,many so-called diversifiers fail to protect portfolios when investors need them most.Gold is different in that its neg

34、ative correlation to equities and other risk assets increases as these assets sell off(Chart 6).The GFC is a case in point.Equities and other risk assets tumbled in value,as did hedge funds,real estate and most commodities,which were long deemed portfolio diversifiers.Gold,by contrast,held its own a

35、nd increased in price,rising 21%in US dollars from December 2007 to February 2009.And in the most recent sharp equity market pullbacks of 2020 and 2022,golds performance remained positive.This robust performance is not surprising.With few exceptions,gold has been particularly effective during times

36、of systemic risk,delivering positive returns and reducing overall portfolio losses(Chart 7).Chart 6:Gold becomes more negatively correlated with stocks in extreme market selloffs *As of 31 December 2024.Correlations based on weekly returns in US dollars for stocks:S&P 500 Index;US Treasuries:Bloombe

37、rg Barclays US Treasury Index and gold:LBMA Gold Price PM since January 1994 due to availability of US Treasury data.The top bar corresponds to the respective correlations when the S&P 500 weekly returns rise by more than two standard deviations.The middle bar corresponds to the respective correlati

38、ons when the S&P 500 weekly returns are between two standard deviations(or),while the bottom bar corresponds to the respective correlation when the S&P 500 weekly returns fall by more than two standard deviations.The standard deviation for the S&P 500 is calculated using weekly returns over the full

39、 period.Source:Bloomberg,ICE Benchmark Administration,World Gold Council Chart 7:The gold price tends to increase in periods of systemic risk Stocks,bonds and gold during various crises*As of 31 December 2024.Return computations in US dollars for Global stocks:FTSE All World Index;US Treasuries:Bloo

40、mberg Barclays US Treasury Index;gold:LBMA Gold Price PM.Dates used:Black Monday:9/1987-11/1987;LTCM:8/1998;Dot-com:3/2000-3/2001;September 11:9/2001;2002 recession:3/2002-7/2002;global financial crisis(GFC):10/2007-2/2009;Sovereign debt crisis I:1/2010-6/2010;Sovereign debt crisis II:2/2011-10/2011

41、;Brexit:23/6/2016-27/6/2016;2018 pullback:10/2018-12/2018;2020 pullback:31/1/2020-31/3/2020;2022 pullback:1/2022 12/2022.Source:Bloomberg,ICE Benchmark Administration,World Gold Council -0.500.000.50S&P down by more than 2S&P between 2S&P up by more than 2CorrelationGoldUS Treasuries-50-40-30-20-100

42、1020304050LTCMDot-combubble9/112002RecessionGreatRecessionSovgn debtcrisis ISovgn debtcrisis IIBrexit2018pullbackCOVID-192022pullbackCAGR,%Global stocksUS TreasuriesGoldGolds key attributes gold.org Gold as a strategic asset 2025 edition 08 But golds correlation does not just work for investors duri

43、ng periods of turmoil.It can also deliver positive correlation with equities and other risk assets in positive markets,making gold a well-rounded efficient hedge(Chart 8).This benefit arises from golds dual nature:as both an investment and a consumer good.As such,the long-term performance of gold is

44、 supported by income growth.Our analysis bears this out,showing that when equities rally strongly their correlation to gold can increase.This is driven by a wealth effect supporting gold consumer demand,as well as demand from investors seeking protection against higher inflation expectations.Chart 8

45、:Gold performs well in the recovery periods following a systemic selloff Performance of gold and Treasuries from the market trough(bottom)to the market recovery point(stock market levels before the systemic selloff)*As of 31 December 2024.Return computations in US dollars for US Treasuries:Bloomberg

46、 Barclays US Treasury Index;gold:LBMA Gold Price PM.Dates used are based on the end dates of Chart 7.Post Black Monday:11/1987-6/1989;Post LTCM:8/1998-11/1998;Post dot-com:3/2001-5/2007;Post 9/11:9/2001-11/2001;Post 2002 recession:7/2002-11/2004;Post GFC:2/2009-1/2013;Post sovereign debt crisis I:6/

47、2010-10/2010;Post sovereign debt crisis II:10/2011-2/2012;Post Brexit:6/2016-7/2016;Post 2018 pullback:12/2018-6/2019;Post 2020 pullback:3/2020-7/2020.*The bar is truncated for the Dot-com bubble recovery due the extreme differential with other market recoveries.Source:Bloomberg,ICE Benchmark Admini

48、stration,World Gold Council-30%-10%10%30%50%70%90%Post LTCMPost dot-combubblePost 9/11Post 2002RecessionPost GreatRecessionPost sovgndebt crisis IPost sovgndebt crisis IIPost BrexitPost 2018pullbackPost COVID-19GoldUS Treasuries167%*Gold has a dual nature as both an investment and a consumer good Go

49、lds key attributes gold.org Gold as a strategic asset 2025 edition 09 A deep and liquid market The gold market is large,global,and highly liquid.We estimate that physical gold holdings by investors and central banks are worth approximately US$5.1tn,with an additional US$1.0tn in open interest throug

50、h derivatives traded on exchanges or the over-the-counter(OTC)market.The gold market is also more liquid than several major financial markets,including euro/yen and the Dow Jones Industrial Average,while trading volumes are similar to those of US T-Bills(Chart 9).Golds trading volumes averaged appro

51、ximately US$163bn per day in 2023.During that period,OTC spot and derivatives contracts accounted for US$99bn and gold futures traded US$62bn per day across various global exchanges.Physically-backed gold ETFs(gold ETFs)offer an added source of liquidity,with global gold ETFs trading an average of U

52、S$2bn per day(Chart 10).Chart 10:Gold is liquid across key investment platforms Average daily trading volume by point of access in 2024*Average daily trading volume from 1 January 2024 to 31 December 2024.Gold liquidity includes estimates of OTC transactions and published statistics on futures excha

53、nges,and gold-backed exchange-traded products.Source:Bloomberg,Nasdaq,World Gold Council The scale and depth of the market means that it can comfortably accommodate large,buy-and-hold institutional investors.In stark contrast to many financial markets,golds liquidity does not dry up,even at times of

54、 financial stress.Importantly too,gold allows investors to meet liabilities when less liquid assets in their portfolio are difficult to sell,or are mispriced.Chart 9:Gold trades more than many other major financial assets Average daily trading volumes over the last year in US dollars*Based on estima

55、ted average daily trading volumes from 1 January 2024 to 31 December 2024,except for currencies that correspond to April 2022 daily volumes due to data availability,and UK Gilts and German Bunds that correspond to 2023 data.*Gold liquidity includes estimates on OTC transactions and published statist

56、ics on futures exchanges,and gold-backed exchange-traded products.Source:Bloomberg,Bank for International Settlements,International Capital Market Association(ICMA),Nasdaq,World Gold Council 0100200S&P 500Gold*US T-BillsEuro/sterlingEuro/yenDJIAUS Corporates(inv grad)German BundsUK GiltsUS$bn/daySto

57、cksBondsCurrenciesGolds trading volumes averaged approximately US$227bn per day in 2024 Portfolio impact gold.org Gold as a strategic asset 2025 edition 10 Risk/reward profile Long-term returns,liquidity and effective diversification all benefit overall portfolio performance.In combination,they sugg

58、est that the addition of gold can materially enhance a portfolios risk-adjusted returns.Our analysis of investment performance over the past 3,5,10 and 20 years emphasises golds positive impact on an institutional portfolio(Chart 11).Chart 11:Hypothetical portfolio Asset allocation:50%stocks,40%fixe

59、d income,10%alternatives*As of 31 December 2024.Source:World Gold Council It shows that an average USD portfolio would have achieved higher risk-adjusted returns and lower drawdowns if 2.5%,5%,7.5%or 10%were allocated to gold(Chart 12 and Table 1).Chart 12:Adding gold over the past 20 years would ha

60、ve increased risk-adjusted returns of a hypothetical USD portfolio Risk-adjusted returns of a hypothetical portfolio with and without gold*Based on US dollar performance between 31 December 2004 and 31 December 2024.Source:Bloomberg,ICE Benchmark Administration,World Gold Council Portfolio impact Ta

61、ble 1:Gold has increased risk-adjusted returns while reducing portfolio volatility and maximum drawdowns Comparison of a hypothetical USD portfolio and an equivalent portfolio with 5%gold over the past 3,5,10 and 20 years based on US-dollar returns*3-year 5-year 10-year 20-year No gold 5%gold No gol

62、d 5%gold No gold 5%gold No gold 5%gold Annualised returns 2.5%2.6%7.7%7.9%5.5%5.6%6.3%6.4%Annualised volatility 11.6%11.3%11.9%11.5%9.5%9.2%9.9%9.6%Risk-adjusted return 21.5%22.8%64.5%68.2%57.9%60.5%63.3%66.9%Maximum drawdown -19.9%-19.3%-19.9%-19.3%-19.9%-19.3%-35.3%-33.0%*As of 31 December 2024.So

63、urce:Bloomberg,ICE Benchmark Administration,World Gold Council 40%5%5%20%15%5%3.3%3.3%3.3%Global stocksEM stocksGlobal Small CapUS TreasuriesUS CorporateUS HYGlobal REITsHedge FundsCommodities0.600.650.700.75Avgportfolio2.5%gold5%gold7.5%gold 10%goldRisk adj.returnsPortfolio mixPortfolio impact gold

64、.org Gold as a strategic asset 2025 edition 11 In addition to a traditional historical simulation,a mean variance optimisation analysis suggests that an allocation to gold may result in a material enhancement to portfolio risk-adjusted returns by shifting the efficient frontier upwards.For example,a

65、 portfolio with gold could deliver a higher return for the same level of risk,or the same return for a lower level of risk(Chart 13).The optimal amount of gold varies according to individual asset allocation decisions.Broadly speaking,the analysis suggests that the higher the risk in the portfolio w

66、hether in terms of volatility or concentration of assets the larger the required allocation to gold,within the range in consideration to offset that risk(Chart 14).Chart 14:The optimal gold allocation varies depending on the level of risk in the portfolio The gold allocation that could deliver the m

67、aximum risk-adjusted return for each hypothetical portfolio mix*As of 31 December 2024.Source:Bloomberg,ICE Benchmark Administration,Portfolio Visualizer,World Gold Council Chart 13:Gold could significantly improve risk-adjusted portfolio returns across various levels of risk Efficient frontier of a

68、 hypothetical average portfolio*As of 31 December 2024.Source:Bloomberg,ICE Benchmark Administration,Portfolio Visualizer,World Gold Council 2%3%4%5%6%7%8%9%10%2%4%6%8%10%12%14%16%18%Return,%Volatility,%Efficient frontier without goldEfficient frontier with goldEquivalent volatility portfolio with g

69、oldPortfolio without goldEquivalent return portfolio with gold5%7%10%0%2%4%6%8%10%12%STOCKS:35BONDS:60ALTS:5STOCKS:50BONDS:40ALTS:10STOCKS:65BONDS:20ALTS:15Gold weight,%Portfolio mix,%Gold may result in a material enhancement to portfolio risk-adjusted returns Portfolio impact gold.org Gold as a str

70、ategic asset 2025 edition 12 Golds ESG credentials and contributions While gold mining is,by definition,an extractive industry,responsible gold miners follow stringent frameworks to mitigate environmental impact and reduce risks.In fact,the social and economic contribution of the gold mining industr

71、y plays a key role in the communities and host countries in which it operates.It does so through the payment of wages and taxes,supporting local economic development,improving infrastructure,providing access to healthcare and schooling,and much more.The majority of this expenditure remains in the lo

72、cal economies of host nations and communities,as documented recently in our measurement of the social and economic contribution of gold mining.The industry is also committed to contributing to the advancement of the UN Sustainable Development Goals.In addition,gold has a potential role to play in re

73、ducing investor exposure to climate-related risks.In fact,golds lack of downstream emissions has important implications,as gold holdings can reduce the overall carbon intensity of the portfolio value.And the positive outlook for future decarbonisation of the gold value chain has potential benefits f

74、or the projected carbon profile,implied temperature and climate target alignment of portfolio holdings.Our analysis suggests that gold has the potential to perform better than many mainstream asset classes under various long-term climate scenarios,particularly if climate impacts create or exacerbate

75、 market volatility or we experience a disruptive transition to a net zero carbon economy.Furthermore,golds value is less likely to be negatively impacted by a rising carbon price,also offering investors a degree of insulation from the likely policy responses needed to accelerate the move to a decarb

76、onised economy.Gold also has a potential role to play in reducing exposure to climate-related risks Potential risks and challenges gold.org Gold as a strategic asset 2025 edition 13 Given the risk/reward trade off associated with any investment,it is important to acknowledge and understand not only

77、opportunities,but also key risks.No cash flows:A widely perceived drawback of gold is that it does not provide a regular income,unlike other asset classes such as bonds,property or even some company stocks.But the reason for this is simple:gold has no credit risk.There is no promise to repay.Nor doe

78、s it bear any counter-party risk.This means,however,that investors depend on price appreciation to benefit from gold.And in this regard gold has a good track record.It has generated long-term positive returns in both good and bad economic times.At the same time,gold has outperformed many other major

79、 asset classes over various investment horizons(3,5,10,20 and 50 years).3 3.See Chart 1 and the sections on long-term returns.Golds strong performance is no coincidence:it is a by-product of its underlying demand and supply dynamics,which combine a natural scarcity with diverse sources of demand inc

80、luding jewellery,technology,investment and central banks.Price volatility:Gold is a great diversifier to a portfolio because it behaves so differently to equities and bonds,not because it has a low volatility.And while gold is a less volatile asset than some equity indices,other commodities or alter

81、natives,in some years the metal has posted close to 30%gains(2010)and in other years it has posted close to 30%losses(2013).On balance,however,gold has an asymmetric correlation profile with equities;in other words,it does much better when equities fall than it does badly when equities rise.Potentia

82、l risks and challenges Conclusion gold.org Gold as a strategic asset 2025 edition 14 Perceptions of gold have changed substantially over the past two decades,reflecting increased wealth in the East and a growing worldwide appreciation of golds role within an institutional investment portfolio.Golds

83、unique attributes as a scarce,highly liquid and uncorrelated asset enable it to act as a diversifier over the long term.Golds position as an investment and a luxury good has allowed it to deliver annualised returns of 8%since 1971,comparable to equities and more than bonds and commodities.Golds trad

84、itional role as a safe-haven asset means it comes into its own during times of high risk.But its dual appeal as an investment and a consumer good means it can generate positive returns in good times too.This dynamic is likely to continue,reflecting ongoing political and economic uncertainty,and econ

85、omic concerns surrounding equity and bond markets.Conclusion gold.org Gold as a strategic asset 2025 edition 15 World Gold Council We are a membership organisation that champions the role gold plays as a strategic asset,shaping the future of a responsible and accessible gold supply chain.Our team of

86、 experts builds understanding of the use case and possibilities of gold through trusted research,analysis,commentary and insights.We drive industry progress,shaping policy and setting the standards for a perpetual and sustainable gold market.Research Jeremy De Pessemier,CFA Asset Allocation Strategi

87、st Johan Palmberg Senior Quantitative Analyst Kavita Chacko Research Head,India Krishan Gopaul Senior Analyst,EMEA Louise Street Senior Markets Analyst Marissa Salim Senior Research Lead,APAC Ray Jia Research Head,China Taylor Burnette Research Lead,Americas Juan Carlos Artigas Global Head of Resear

88、ch Market Strategy John Reade Senior Market Strategist,Europe and Asia Joseph Cavatoni Senior Market Strategist,Americas Further information:Data sets and methodology visit:www.gold.org/goldhub Contact:researchgold.org gold.org Gold as a strategic asset 2025 edition 16 Important information and disc

89、laimers 2025 World Gold Council.All rights reserved.World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purp

90、oses only.ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced.Other content is the intellectual property of the respective third party and all rights are reserved to them.Reproducti

91、on or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners,except as specifically provided below.Information and statistics are copyright and/or other intellectual property of the World Gold Coun

92、cil or its affiliates or third-party providers identified herein.All rights of the respective owners are reserved.The use of the statistics in this information is permitted for the purposes of review and commentary(including media commentary)in line with fair industry practice,subject to the followi

93、ng two pre-conditions:(i)only limited extracts of data or analysis be used;and(ii)any and all use of these statistics is accompanied by a citation to World Gold Council and,where appropriate,to Metals Focus or other identified copyright owners as their source.World Gold Council is affiliated with Me

94、tals Focus.The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.This information is for educational purposes only and by receiving

95、 this information,you agree with its intended purpose.Nothing contained herein is intended to constitute a recommendation,investment advice,or offer for the purchase or sale of gold,any gold-related products or services or any other products,services,securities or financial instruments(collectively,

96、“Services”).This information does not take into account any investment objectives,financial situation or particular needs of any particular person.Diversification does not guarantee any investment returns and does not eliminate the risk of loss.Past performance is not necessarily indicative of futur

97、e results.The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature,may not reflect actual investment results and are not guarantees of future results.The World Gold Council and its affiliates do not guarantee or warranty any cal

98、culations and models used in any hypothetical portfolios or any outcomes resulting from any such use.Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.This information may contain f

99、orward-looking statements,such as statements which use the words“believes”,“expects”,“may”,or“suggests”,or similar terminology,which are based on current expectations and are subject to change.Forward-looking statements involve a number of risks and uncertainties.There can be no assurance that any f

100、orward-looking statements will be achieved.World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.Information regarding QaurumSM and the Gold Valuation Framework Note that the resulting performance of various investment outcomes that can be generat

101、ed through use of Qaurum,the Gold Valuation Framework and other information are hypothetical in nature,may not reflect actual investment results and are not guarantees of future results.Neither World Gold Council(including its affiliates)nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool,including without limitation any projections,estimates or calculations.World Gold Council 7th Floor,15 Fetter Lane,London EC4A 1BW United Kingdom T +44 20 7826 4700 W www.gold.org Published:January 2025