Gold: Bugs, Bears and Myths

Man Group

Research

13 Pages

Man Group evaluates gold’s role in portfolios at record prices, emphasizing diversification and risk mitigation rather than return maximization.

Date Published : November 14, 2025

Source: Bloomberg, US Bureau of Labor Statistics, Man Group. The 10-year forward real gold return (y-axis) is the annualised inflation-adjusted return over the subsequent 10 years. Past performance is not indicative of future results.

Key Takeaways

Diversification role: Gold’s low correlation to stocks and bonds has helped cushion portfolios when both assets struggle
Return expectations: Elevated real prices point to modest forward returns, making gold a risk tool more than a growth driver
Sizing guidance: Even small allocations have historically improved outcomes within traditional 60 40 style portfolios
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