John Rubino's Substack

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Believe It or Not, Gold is Still Out of Favor

But that might be changing

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John Rubino
May 26, 2025
∙ Paid

After the past year’s epic run, you’d think gold would have displaced at least some other assets in mainstream investors’ portfolios. But apparently not. These two charts have been making the rounds on X, showing that during the previous decade’s gold bull market, gold-related ETFs saw their share of “implied allocations” rise dramatically.

But that has…

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