Gold's role in a portfolio is rarely about predicting its next move — it's about what it does when everything else is correlated and falling. That insurance value is why it earns an allocation, not its headline price.
Record prices invite two opposite errors: chasing at the top, or declaring a bubble and avoiding it entirely. Both ignore allocation discipline. The right question is sizing — enough to matter in a drawdown, not so much that you're speculating.
For most clients we treat gold as a stabiliser within a diversified mix, rebalanced rather than traded. The conversation is about risk, not forecasts.