Let’s look first at some historical data. 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). In 2023, we were overweight gold from mid-May to mid-December, which proved positive . But the recent surge in the gold price (+9% in USD since mid-February) came as a surprise, when gold was no longer among our priority assets...