Since 1825, gold has performed in line with the money market (nil real performance) but less well than equities and bonds (4% and 1% respectively in real terms in France). The price of gold has recovered since the September-October 2022 lows (+20% in USD and +9% in EUR). We have been overweight gold since the beginning of the year (up 10% in USD and 7% in EUR). In current USD, the price of gold now exceeds the historical highs of summer 2020, even though in real terms prices are still lower than three years ago, or even than in 1980 ...