Analyse: ZKB Gold ETF (CHF)

Gold-ETFs haben unter hohen Mittelabflüssen gelitten. Als Sicherheitskomponente des Portfolios ist Gold indes bestens geeignet - und bei der Anschaffung günstiger als zumeist in den vergangenen Jahren.

Ben Johnson 23.08.2013

Rolle im Portfolio

Gold is traditionally sought after as a store of value in times of severe economic dislocation, an insurance policy against financial Armageddon. Most notably, gold has in the past proven a useful hedge against inflation. Its value as an inflation hedge and its low- to negative- correlations with most broad asset classes can make gold a worthwhile investment for a small portion of an investor’s portfolio. While gold has exhibited a low level of volatility relative to equities over the past quarter century, the massive price swings experienced from the early 1970s through the mid-1980s--as well as its sharp sell-off in 2013--serve as a worthwhile exhibit to the effects fickle investor sentiment can have on the value of the yellow metal. It also underscores why an allocation to gold should probably only occupy a small portion of a well-diversified portfolio. As for an investment in physical gold through an exchange traded product (ETP), we think that gold ETPs are easily some of the least costly and most liquid vehicles for acting upon one’s gilded aspirations.

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Über den Autor

Ben Johnson  Ben Johnson is Morningstar’s Director of European ETF Research.

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