« While it has long been established that gold’s safe-haven "...While it has long been established that gold’s safe-haven status can help to manage portfolio risk, explaining its contribution to actual portfolio returns remains a complex exercise. According to a new study by the World Gold Council (WGC), existing models for estimating gold’s expected returns may have understated its real long-term value.
Publications cited by the WGC have previously concluded that bullion’s primary function is as a store of value, and so its long-run movement should align with the general price level (CPI). However, these studies, as the Council points out, have “mischaracterized gold”, which led to biased conclusions...."
https://www.mining.com/economic-growth-the-main-driver-of-long-term-gold-price-wgc-research-suggests/