It’s certainly not a secret that the price of gold has undergone a fascinating journey over the last six months. While the precious metal ended 2025 and began 2026 on a very high note, its price hit some volatility in March as geopolitical conflict escalated in the Middle East. But now that we’re nearly halfway through the year, how should investors be looking at gold allocations within their portfolios?
Recently, Aakash Doshi, global head of gold strategy at State Street Investment Management, took part in a VettaFi webcast to discuss why gold may deserve its spot in portfolios today. The webcast was moderated by Todd Rosenbluth, head of research at VettaFi.
Early in the webcast, Doshi made a point of highlighting the different demand drivers powering gold’s evergreen nature. Crucially, he noted that these sources of demand come from places that are cyclical, non-cyclical, and counter-cyclical, which can help stabilize price volatility while ensuring gold’s role as a reserve asset remains firm.
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“It can go through a full economic cycle with buffered sources of consumption,” Doshi explained. "Because it has these diverse sources of demand, gold, which doesn’t pay coupons, does provide capital appreciation. And gold, particularly through the counter-cyclical part on the investment side, can be used as a good source of risk management.”
Gold's Long-Term Outlook Remains Solid
Looking ahead, Doshi also noted that the structural factors supporting gold still remain in place. Notably, the global debasement trade for gold remains active, which can help keep its price moving in the right direction. Furthermore, policy uncertainty from central banks, along with geopolitical fragmentation, also heighten gold’s persistent use cases.
“I think gold is starting to get that alternative fiat demand because of this global debt load, and concerns about lost purchasing power and currency debasement,” Doshi said.
In terms of investment solutions that allow investors to tailor their gold exposure, Doshi highlighted two key funds in the State Street investment library. He touted the SPDR Gold Shares (GLD ) as a flagship tried-and-true product for amplifying gold access, while the SPDR Gold Minishares Trust (GLDM ) offers a lower-cost alternative that can work as a strategic core holding.
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Gold: A Strategic or Tactical Investment?
Bradley Jenkins, CFP, founder & chief investment officer at Market Guard, and Keith Buchanan, CFA, partner & senior portfolio manager at GLOBALT Investments, also participated in the webcast. Towards the end of the panel, Rosenbluth asked both Jenkins and Buchanan whether they considered gold to be more of a strategic or tactical investment.
“It’s not about predicting when you’ll need gold — it’s about ensuring it’s already in there when you do,” answered Jenkins. “So, strategic for the most part, but there can be some tactical aspects to it. There absolutely are some inside of our models. But if you just take the tactical play, what we find is timing those regimes can be very difficult."
“Part of our position is to look at it from a strategic standpoint," Buchanan noted. “We make moves around that core position based on some of the technical aspects of what we see, particularly in GLD as well. So, we are more opportunistic around the tactical parts of it, but the strategic rationale maintains our core positions."
Doshi explored the current state of the gold market in greater detail during the panel, joined by Jenkins and Buchanan. To access the webcast replay and earn CE credits, register here.
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