Gold beats bonds for young investors' diversification
The author argues bonds have been poor diversifiers for a while, especially for young investors, and that gold delivers the same diversification benefit without the drag of bonds. The mechanism is that gold provides portfolio diversification while freeing capital from low-return bond exposure. No specific catalyst or timeframe is given beyond a multi-year horizon. Main risk implied is that gold's diversification may not hold as reliably as bonds in certain regimes.