Why Gold

The Kaplan Doctrine: Conservation, Preservation, and Value

Golden Opportunities From “MIDAS”

Bloomberg - The David Rubenstein Show with Dr. Thomas Kaplan

Fundamental drivers remain unchanged.

Supply and demand pressures support gold’s upward trajectory. Fundamental drivers of gold demand remain unchanged while supply is constrained by low discovery rates, rising costs, declining grades and jurisdictional risk.

Is Gold a Currency or a Commodity?

Gold is a great way to diversify a portfolio due to its low correlation to most other asset classes including equities, bonds and the U.S. dollar. Unlike other commodities, gold tends to retain its value during recessionary and deflationary periods. Gold is also a historic safe haven, acting as a hedge against domestic currency depreciation as well as falls in equity and credit markets.

Gold’s performance historically and over the last few decades vindicates its status as a valuable diversifier, surging relative to other investment classes. We believe it will continue to do so because gold is more than a mere commodity, it is a currency.

Comparative Returns

	Percent Change
	2021-10-21	YTD	1 year	5 year	10 year	15 year
Gold	$1,782.80	-6.1%	-7.4%	40.7%	8.7%	201.5%
Silver	$24.17	-8.6%	-3.5%	38.0%	-22.8%	103.8%
Oil	$82.50	70.0%	106.1%	62.2%	-5.6%	45.2%
S&P 500	4,549.78	21.1%	32.4%	112.5%	267.4%	232.4%
FTSE	7,190.30	11.3%	24.5%	2.4%	31.0%	16.8%
Nikkei	28,708.58	4.6%	21.4%	67.1%	230.8%	72.4%
MSCI World Index	2,386.76	18.7%	30.8%	82.9%	189.4%	125.2%
$/Euro	$1.16	-4.8%	-2.0%	6.8%	-16.3%	-7.8%
10 Year T-Note	1.68	82.7%	107.0%	-3.4%	-24.6%	-65.0%
30 Year T-Bond	2.13	29.2%	31.6%	-14.3%	-34.9%	-56.6%

15 year Change
	Gold in USD	201.5%
	Gold in Euros	227.1%
	Gold in Pound Sterling	311.8%
	Gold in Australian Dollar	206.1%
	Gold in Swiss Franc	119.9%
	Gold in South African Rand	485.9%