Name: The Case for Gold
Uploaded: 2026-04-07T18:43:00Z
Duration: 3 min 33 s
Description: Gold is a hedge against paper money depreciating and an essential, underowned part of a balanced portfolio that offers upside potential due to its finite supply, says Alex Shahidi, co-chief investment officer of Evoke Advisors.

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Gold is a hedge against paper money depreciating and an essential, underowned part of a balanced portfolio that offers upside potential due to its finite supply, says Alex Shahidi, co-chief investment officer of Evoke Advisors.

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The Case for Gold

Gold is in the news because it's done well recently. But the return of gold since we came off the gold standard in 1971 when it was free-floating, it's almost the same as the stock market.

Yep.

Global equities.

Yeah, and I think it beat S&P 500 handily since 2000.

Yes.

As well. Yeah.

Yep. And so its return, if you remove the name and you say asset class A, comparable return to equities, it's volatile, right, but it's not very correlated to equities. Its best decades in the last 50 years were during the worst decades for stocks, and its worst decades were during the best decades for stocks. So from a high level, seems like an asset class to include, but it faces a significant challenge, which is, but it's a shiny yellow metal. It doesn't do anything. It's not a productive asset. So I don't think of it as gold going up, I think of it as paper money going down.

Yes. Yes. 100%. I mean, purchasing power has fallen sharply. I mean, gold is supposed to more, at a minimum, hold the purchasing power, and sometimes it'll have periods where it delivers startling gains.

Yes.

Yeah. But that's the right way to think about it because purchasing power is clearly, yeah.

That's right. And it's easy. Anybody can buy it.

Yeah.

And it could just be a part of your strategic allocation, not a speculative asset, but something that is diversifying.

Yes. Do you have any thoughts about the metal itself versus mining stocks? A preference, or what are your thoughts on that?

Yeah, I prefer the metal because I find it more diversifying than the mining stocks. And so, if you think about all these assets, there's a return expectation and confidence in what that return is. And then there is a diversification expectation and what your confidence is in that. And in general, I'm more confident in the diversification benefits of some of these assets and what the return is going to be. And so I prioritize that when I'm building a portfolio. And gold is actually one of those things where you hope it doesn't do well, because if it does, it's probably not the world that is going to benefit a lot of other assets.

Right.

So, I just think of it as part of that diversified mix.

Tell me about, the national debt is around $39 trillion now, the debt to service, it's roughly the equivalent of what we spend on military budget annually. I know you don't want to wear a hat and talk about targets or anything, but you're still relatively positive on gold longer term?

Well, the data you just shared is getting worse by the minute.

Greg: Yeah.

And this is during good times. So normally during bad times, the deficit grows, right, the government revenues fall, they spend more to fill the hole, you know, taken back by the private side. So, and if you think about those massive debts and ballooning deficits, the least painful way to pay that back is to inflate your way out.

Greg: Yep.

So, it seems like there's a great incentive to print more currency to do that. And at the very least, I'd want gold as a part of my portfolio as a hedge against the risk of that occurring. And so I think of it as, yes, it has upside, it's heavily under owned. Most high-net-worth families own very little, if any. Institutions, it's not a strategic allocation. And the data we talked about earlier, long-term returns that are attractive, uncorrelated, and has a interesting upside potential, seems like it should be part of a balanced portfolio. And if that actually happens, because there's a finite supply, there's significant upside potential. So I think, yes, I think the data supports that.