Gold has delivered strong, consistent returns over the past two decades and now appears firmly in its third major bull market of the last 50 years. With prices rising from around $1,200/oz in 2018 to $3,350/oz today (a 16% pa CAGR), this insights piece examines gold’s long-term performance, the characteristics of previous bull cycles, our disciplined investment philosophy built around a margin of safety, and powerful new evidence of sustained central bank demand from the Worl
