IF YOU WERE TO TRAVEL 100 years into the future, never to return to 2010, what would you pack for the trip: $1 million in cash or $1 million in gold?
If you're like most of Northern Trust's clients, you'd pick the gold, says Bob Browne, chief investment officer for the Chicago-based high-end bank. "I would guess 99% of clients say 'I'll take the gold,'" he says, adding that gold has proved its value over and over again in the past century—in the faces of political upheaval, world wars and the debasement of currencies.
The yellow metal, which last week hit an record high of $1,275 an ounce, has been drawing a lot of attention lately from affluent investors and their advisors. Long considered an asset that only a conspiracy theorist could love, gold has suddenly become a staple in the model portfolios of private bankers and other advisors to the rich. Many experts now recommend about 5% of your assets be put in gold, chiefly as insurance against a massive financial crisis. When other assets are falling, you can count on gold to perform.........read more
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