04.02.2020 1 minuta čtení

Krátké zamyšlení nad zlatem jako investičním instrumentem (v angličtině)

Lots of interest in gold lately...

Lots of interest in gold. Investors have traditionally viewed it as a hedge against inflation and, more recently, as a hedge against volatility and uncertainty. It is also a hedge against deflation in the time of this debt super-cycle. Here's why: slowdowns bring disinflation and, sometimes, deflation. This increases the debt-service burden (inflation is a borrower's best friend and the reverse holds true, too) and increases counter-party risk. The unique feature of gold as an investible asset is that there is no counter-party risk. 

Every other asset class brings counter-party risk. The currency note in your wallet has value because it carries the local central bank's promise to pay the bearer the sum of etc. Equity, debt instruments are assets in the hands of the investor, but recorded as liabilities in the books of the issuer. Dividends, coupons etc. as inducement to investors to assume counter-party risk. Not so with gold - it is an asset in the investor's hands. So, as slowdown looms, and counter-party risk in an over-leveraged world becomes an ever more real prospect, investors will seek protection in gold. It is one of very few asset classes that protects against tail-risk. 

#investovani #zlato #gold 

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