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Institution: Gold is not a speculative asset, but a cornerstone of long-term value storage

Institution: Gold is not a speculative asset, but a cornerstone of long-term value storage

新浪财经新浪财经2026/04/24 03:05
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By:新浪财经

Institution: Gold is not a speculative asset, but a cornerstone of long-term value storage image 0

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Source: FX168 Finance News

  

In the world of global asset allocation, gold has always been a rather unique asset, forming a sharp contrast with traditional investment classes like stocks and bonds. Most investors have difficulty understanding gold's asset characteristics, seeing it as lacking tangible returns and having an ambiguous valuation system. However, renowned wealth manager Jeff Sarti has offered a disruptive perspective, redefining the core positioning of gold. He combines long-term market practice and macroeconomic trends to deeply analyze gold's long-term allocation value and future development trends.

  I. The Core Positioning of Gold: A Store of Value Rather Than an Investment Target

  For the vast majority of investors, gold has always been an outlier in the asset market. This type of asset does not generate operational cash flow, pay dividends, or fit into traditional financial valuation models for rational pricing. Within conventional investment logic, gold is often seen as a niche asset lacking growth potential.

  

Jeff Sarti, CEO of Morton Wealth, believes that gold's very attribute shortcomings are exactly its enduring core strengths in the market.
He states that gold is not an investment product in the traditional sense; in essence, it is a high-quality savings asset. Over the long term, gold's core function is to preserve and store wealth value stably.

  Since 2015, Sarti's institution has maintained a long-term allocation to gold assets, keeping a stable holding rhythm. At the start of the year, gold prices surged rapidly, sparking speculation, but in his view, such short-term irrational spikes hide potential risks. He points out that, even as the logic for long-term gold allocation grows stronger, the market still harbors universal misunderstandings about gold's essential function.

  II. Gold's Underlying Advantage: A Hard Currency That Transcends Cycles

  Sarti approaches gold from a historical perspective, defining it as the ultimate reserve asset. Looking at the course of human economic development, various fiat currencies have risen and fallen time and again, but only gold has withstood changing eras, continuously acting as a value anchor.

  

The structure of global reserve currencies is always evolving, with frequent transitions between old and new currencies. Yet gold has survived numerous economic cycles, and its value stability has never been broken. Many fund managers avoid gold because it is a non-yielding asset and difficult to value, but Sarti believes these concerns are overly one-sided and complicated. He adds,
The most important real-world function of gold is to hedge against asset shrinkage risk caused by global debt expansion and ongoing currency devaluation.
In his philosophy, a qualified store of value asset should inherently maintain stable price action.
A reasonable and stable price range for gold is a sign of a healthy market
; should there be an extreme gold price spike, it would actually signify serious trouble in the global economic system.

  III. Institutional Allocation Strategy: Rational Deployment and Balanced Asset Management

  Based on his deep understanding of gold, Sarti has established a steady and long-lasting asset allocation plan. Over the past decade, his institution has maintained a reasonable proportion of precious metals holdings, generally in the high single digits. Among these, gold accounts for around 5% to 6%, while mining stocks supplement with an additional 2% to 3%, refining the precious metals asset mix.

  The institution avoids short-term speculative timing, adhering to a strict disciplined asset rebalancing mechanism. When gold prices hit new all-time highs in January this year, the institution took reasonable profits. Meanwhile, because mining stocks are more volatile and easily influenced by energy costs and other factors, they are only used as tactical supplements to gold holdings to balance overall portfolio risk.

  IV. Macro Background Support: Economic Risks Solidify Bullish Gold Outlook

  

Ignoring short-term price fluctuations,
Sarti maintains a long-term bullish view on gold, fundamentally based on structural economic risks worldwide.
He bluntly states that, according to various economic accounting indicators, the finances of many countries are already out of balance, staying afloat only by constant monetary expansion.

  In the future, policymakers in many countries will likely continue strategies of currency devaluation paired with financial regulation tools to stabilize markets, and yield curve control may become commonplace. It's not just individual economies—many countries face uncontrollable debt levels and complicated economic uncertainties, making it nearly impossible to resolve the debt crisis through economic growth alone. Once inflationary stimulus policies are fully implemented, it will mark a critical turning point in economic development, and the market will need to increase its gold allocation further.

  V. Current Market Situation and Future Outlook

  

In the current global investment market,
the overall allocation to gold is severely insufficient, and institutional investors are especially underweight
; average global portfolio holdings of gold are less than 0.2%. The lack of market participation means the current gold rally is still in its early phase, driven by macro fundamentals, and there is no widespread speculative bubble.

  Jeff Sarti believes that the real signal for a gold bull market top is not technical pattern changes, but the widespread mainstream acknowledgment among the public. Only when gold comes entirely into the mainstream public view and becomes a popular topic for everyone does one need to be alert to risks in the gold rally.

  

Overall,
gold is merely an important part of diversified asset allocation. Combined with physical assets and low-correlation investment varieties, it can effectively hedge market risk. Against a backdrop of high debt, persistent inflation, and rising stagflation risks, the advantages of physical assets will continue to stand out.

  In the future, gold will gradually shed its label as a short-term speculative asset, becoming a core foundational asset that protects portfolio stability, and will continue to play an irreplaceable role as a preserver of value in a complex and ever-changing macro environment.

  

Spot Gold
Daily Chart Source: EasyFX168
GMT+8 April 24, 10:47
Spot Gold
Quoted at $4680.54
/Ounce

Editor: Zhu Henan

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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