Cash vs gold long-run comparison (1850+): nearly identical mean return (1.2% vs 1.3% real), but vastly different variance. Gold’s variance is episodic protection — it shines in devaluation crises where cash is impaired.
Cash vs gold long-run comparison (1850+): nearly identical mean return (1.2% vs 1.3% real), but vastly different variance. Gold’s variance is episodic protection — it shines in devaluation crises where cash is impaired.