"Is $5,000 a good entry point to gold? Yes. We believe we will see higher gold prices over the next several years." Gold has worked well over the last two years, and despite short-term profit-taking by some players, the ongoing geopolitical volatility, shifting stock-bond correlations, and structural inflation risks make it a strong long-term portfolio hedge. LONG because macroeconomic uncertainty and inflation risks provide a multi-year tailwind for gold. A rapid de-escalation of geopolitical conflicts and a sharp drop in global inflation could reduce safe-haven demand for precious metals.