Rising tail risks in the market warrant holding more than 6% of your portfolio in gold

- Gold's solid 6% rally last week off its recent seven-month lows is a major reason why investors need the precious metal in their portfolio. A panel discussion during the 2023 London Bullion Market Association's Global Metals Conference agreed that gold is doing exactly what it is supposed to do during times of uncertainty.

The three panelists agreed that gold's lackluster performance through most of 2023 has made sense as the Federal Reserve's aggressive monetary policies have pushed interest rates at an unprecedented speed higher, increasing real yields. Zöllner said that despite the headwinds, he sees gold supported at higher levels, a recent shift in his position as he was slightly bearish on gold at the start of the year. He added that the banking crisis earlier this year might have created a bottom in gold.

"This would give you enough insurance in the financial market without being impacted by the volatility," he said.

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