Gold remains one of the most discussed assets in times of uncertainty. Its appeal is not difficult to understand: it is durable, globally recognized, scarce, and not directly tied to the credit risk of any single private issuer. Recent market data also support the view that gold is not merely a state reserve instrument. At the end of 2025, central banks and other official institutions held about 18% of above-ground gold stocks, while much larger shares were held in jewellery,