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New study: the role of gold in long-term wealth building
Gold plays an important role in a portfolio to preserve and build wealth over the long term. This is confirmed by a recent financial study conducted by the University of Zurich on behalf of the traditional Swiss private bank von Roll.
How relevant is gold in the digital age?
The study also explores the question of whether gold is still relevant in light of new financial instruments such as Bitcoin. The researchers’ answer is clear: yes. Gold maintains its relevance – regardless of whether new digital alternatives, such as blockchain-based investments, enter the market.Buy & hold and rebalancing
The Swiss study examines two different investment philosophies at the core of wealth strategy: buy & hold and rebalancing.Buy & hold focuses on holding assets over the long term, regardless of short-term fluctuations. Rebalancing, on the other hand, takes a more active approach: when portfolio weightings deviate significantly from the target strategy, adjustments are made – for example by reallocating between equities and gold. The study shows that under both approaches, a certain share of gold in the portfolio helps preserve value and support long-term growth. For the rebalancing strategy, the recommended share is 10 to 20%, while it is lower for the buy & hold strategy.
Bitcoin and tokenised gold – not an alternative?
Bitcoin is often referred to as “digital gold”. However, the study reaches a clear conclusion: high volatility and inconsistent regulation currently make cryptocurrencies unsuitable for long-term and secure wealth building.Tokenised gold products – cryptocurrencies backed by physical precious metals – are also considered legally uncertain at present and therefore not a reliable alternative to direct investment in gold.
Tax advantages of gold in Switzerland
In Switzerland, gold has a key advantage: while interest, bonds and dividends – for example from the MSCI Total Return – are subject to capital gains tax, gold investments benefit from favourable tax treatment.Gold in asset allocation: significant untapped potential
Despite its advantages, gold remains underrepresented in many portfolios. By highlighting this aspect, the study not only underscores the importance of gold but also its untapped potential within broader asset allocation.The study focuses on Switzerland, but its findings can largely be applied to investors in Germany as well.
Conclusion: gold belongs in every long-term portfolio
Gold continues to assert its role in long-term wealth building, as confirmed by the Zurich study. It therefore remains what it has been for thousands of years: a stable and reliable investment.About the study
The study was conducted by the University of Zurich and analyses various allocation models for gold within a portfolio, including CAPM, mean-variance analysis (MVA) and prospect theory (PT). The results are based on data since 1972 and take both economic and tax aspects into account. The full study can be viewed and downloaded via the following link.
