GLDM

Gold exposure was added for a period expected to remain uncertain. The market is still working through AI capex, monetization expectations, macroeconomic conditions, and geopolitical risk including conflict in the Middle East.

The intended function is to provide stabilising exposure against a growth-heavy portfolio. Most of the book sits in equities sensitive to the same set of factors, and gold responds to largely different ones.

It can also be sold if equity-market weakness creates more attractive opportunities. That makes it closer to a second reserve than a permanent allocation.

Gold produces no cash flow, so it cannot be valued on fundamentals and its price is set by what others will pay. It is also not a reliable hedge in every drawdown, since there are stretches when gold falls alongside equities. I hold it as diversification, not insurance, and I do not claim it compounds better than equities over time.