Stretched Prices
Gold has risen significantly in recent years and is at elevated levels. We prefer to wait for a correction.
Bearish
Medium Term (1-2 years)
Gold
Precious metal at stretched prices - waiting for a correction to enter.
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Gold in US dollars per troy ounce ·
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Line: daily closeRange: day's low and high Drag over the chart to measure a period's change
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What the channel thinks
Bearish — 0% of the portfolio
Downgraded from Neutral to Pessimistic on Aug 14, 2026. Good asset, but already priced in — after the run-up in recent years, the entry risk is now asymmetric against you: you lose more in a correction than you gain in the continuation. No income, no discount, and no practical utility. Remains out of the portfolio (0%) until a relevant correction.
Does Not Generate Income
Unlike other assets, gold does not pay dividends or interest. The return depends solely on appreciation.
Waiting for Opportunity
If there is a significant correction, we may reconsider a hedging position in the portfolio.
What gold as an investment is
Gold is the world's oldest store of value. It pays no interest or dividends: gains come solely from price appreciation, which tends to rise during crises and when the dollar weakens.
Store of valueNo interest or dividend incomeDollar price
Understand from scratch →How to get exposure
GOLD11Brazil ETF
IAUUS ETF
GLDUS ETF
Physical goldCommodity
Channel history
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This analysis reflects the channel's opinion and does not constitute investment advice. Gold does not generate income and has volatility.