We doubt that gold will continue to outperform

While gold has rallied over the past month, we don’t think that it will continue to outperform most other asset classes in the way that it did in the aftermath of the Global Financial Crisis (GFC). On the contrary, we think that the GSCI Precious Metals, in which the weight of gold is ~90%, will be the worst-performing headline index among those that we track on our Asset Allocation Service during the rest of 2020.