25 May 2023
Gold generates robust returns across economic cycles. Looking back over the past 50 years, gold prices increased by an average of nearly 11% per year[1], comparable to the returns from US equities and considerably better than US bonds. Gold consistently outpaces inflation, too[2]. In periods of high inflation – when consumer prices are increasing by 5% or more, – gold prices on average have gained over 20%[3] (Chart 1).