Why Gold Just Had Its Best Run Since the 1970s (and What Comes Next)

Gold just posted its strongest run since the late 1970s, and the move wasn't a fluke. In this episode, we break down the mechanics that actually set price: a sharp dollar slide, the sudden return of Western ETF inflows after years of redemptions, and non-cyclical physical demand from central banks and China's retail buyers.

Akash Doshi, Head of Global Gold Commodities at State Street, joins us to translate headlines into flows, creation-redemption mechanics, and the daily bar list that makes physically backed ETFs tick. We zoom out to the regime shift: global debt sits near $350 trillion, government shares are at records, and post-pandemic inflation uncertainty keeps term premium alive. That's why stock-bond correlations flipped positive and why long bonds sometimes failed to hedge during volatility spikes.

In that context, gold isn't just "long duration"—it's a left-tail diversifier that can hedge duration risk when bonds don't cooperate. We compare costs and frictions of physical bars and coins versus ETFs, explain why GLD's liquidity and audited bar holdings matter, and show how options overlays, collateral usage, and in-kind donations turn gold from a static bet into a flexible portfolio tool.

Expectations matter. Gold isn't a daily inverse to stocks or a substitute for puts; it works over rolling windows around drawdowns and policy pivots. We address the "overbought vs. overowned" debate, why allocations remain surprisingly small, and how even a 0.5% shift from the massive stock-and-bond universe can move a roughly $15 trillion investable gold market. We close with practical sizing, how gold and Bitcoin can coexist, and the behavioral edge of owning a real-asset hedge when the macro stays messy.

KEY TOPICS:
Why 2025's dollar devaluation drove gold higher
ETF redemptions flipping to inflows
Central bank buying and China retail demand
Stock-bond correlation shifts and duration risk
Gold as a left-tail hedge and Sharpe enhancer
Physical bars vs ETFs: costs and liquidity
Practical uses: options, lending, tax planning
How gold and Bitcoin coexist in portfolios

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https://ducharmewealth.com

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(435) 288-3396

DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

[00:00:00] Opening And Guest Introduction
[00:07:06] Physical Gold Premiums And ETF Advantages
[00:15:30] What Drives Gold Demand In Portfolios
[00:21:59] Global Debt Loads: The 350 Trillion Question
[00:33:59] Fiat Currency System And Debt Concerns
[00:41:07] Retail Allocation Trends And Market Size
[00:51:41] Rolling Horizons And Duration Risk
[00:59:05] Sharpe Ratios And Portfolio Enhancement
[01:04:23] Closing Thoughts