Gold’s recent outperformance and the investor behaviours it has triggered

04/11/2025 17 min
Gold’s recent outperformance and the investor behaviours it has triggered

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Episode Synopsis

GUEST – Liam Dawson, Portfolio Manager at PortfolioMetrix

Despite gold’s recent stellar outperformance, investors are being urged to temper their expectations. In its latest Quarterly Investment Insights report, "GOLD: All that glitters," PMX Asset Management has analyzed the metal's price surge but challenged the fundamental belief that gold is a reliable source of growth or a dependable safe haven during crises.

The firm's analysis delved into the primary drivers pushing gold prices higher, identifying the usual suspects: falling real interest rates, surging global debt burdens, and persistent geopolitical tensions.

However, PMX cautioned that gold’s returns are far more unpredictable than commonly assumed, noting that its long-term performance is often skewed by the outsized impact of just a few standout years. Kaya FM