Yeah. I was hoping it just maintains its value above inflation.
But Gold going up due to War is first of all bad news anyways because why do we need Wars which are being initiated by rogue parties at whim.
But second point is that 99% of portfolio is still non/gold 
Very expensive, it has custody fees that it charges to your Broker. Who will then in return charge these custody fees to you (potentially even with a small mark-up). Don’t go there…
May I throw another hat in the ring - what about IAUM? I know its US based but still.
This is one of the strange things with Xetra-Gold in my view.
I agree, the fact sheet or investors info mention the custody fee of 0.3% p.a., but as far as I can see, I have never been charged any and have been holding this with IBRK for over a year now.
Blockquote
Unlike other Exchange Traded Products /Commodities, the investor’s right to receive delivery1) of gold is not reduced by management costs or other fees. For example, an annual management fee of 0.39 per cent would reduce your gold holdings by 7.5 per cent over 20 years, while 1,000 Xetra-Gold securities will still equal a kilogram of gold in 20 years’ time. Xetra-Gold is only subject to custody fees payable by the owner of the bearer note. The custody fees
are currently at approximately 0.3 per cent p.a. (plus value-added tax), which are reported separately (source: Factsheets, brochures & prospectus)
So not sure, how and where that would show up 
For the gold/silver bugs of the forum, any local coin shops in Zurich/surrounding area that are trustworthy and offer coins/bars at a fair premium?
Have not used any of them, but generally I keep hearing about these three:
I used to go to degussa in Zurich, was fine.
Degussa seems to have the best reputation.
I’ve bought a number of items from them and one was poorly packaged but they said ‘not a problem, we’d buy it back anyway – or you can exchange it’. FWIW.
It seems that an important feature is repurchase: e.g. Degussa says that they will repurchase their stamped products from you at the current bid price with minimal friction. Have not tested.
If you buy from one producer and try to sell to another, the test of the metal may be more invasive. My understanding at least.
It’s curious that even with the run up in gold prices, there’s not been much love for gold miners - maybe people still have memories of being burned last time?
I actually have been doing the opposite, I started building positions in gold about 2 years ago and then gold miners a bit later.
This year, I started going up the speculation curve and in the last month went into junior gold miners and silver miners (GDXJ and SIL).
It’s risky, but I do like a gamble now and then…
Has gold really outperformed bitcoin in 2025?
Our call of the day from UBS Global Wealth Management strategists is a bullish one on gold that comes with higher price targets on the asset (GC00) that has gained 28% this year, putting it ahead of all major stock and bond indexes, G-10 currencies and even bitcoin.
A team led by Wayne Gordon now expects gold prices, trading at $3,388 on Tuesday, to reach $3,600 per ounce by end March 2026 and to $3,700 by end June 2026, both from $3,500 per ounce previously. They introduced an end-September 2026 target, also at $3,700 an ounce. The strategists are still aiming at $3,500 for the end of this year.
“Despite the dialing back of some trade frictions, we see U.S. macro-related risks, questions over Fed independence, worries about fiscal sustainability, and geopolitics underpinning de-dollarization trends and more central bank buying. In our view, these factors will drive gold prices even higher,” said Gordon and his team.
They say a combination of sticky U.S. inflation - fallout from tariffs and immigration crackdowns have yet to be felt - and below-trend growth will push down real U.S. yields, which will cut that opportunity cost of holding gold.
Gold hasn’t done much for the past few months after a blistering start to the year:
Zooming out, we see a much longer period of consolidation between 2020 and 2024 before breaking out in a cup and handle formation:
I was very lucky with the timing of my 2024 purchases!
To answer the question. Yes Gold has outperformed BTC during 2025 if we just look at actual YTD performance
in CHF terms
However I think some of the money that flew into BTC over time could have gone into Gold. So it has taken some price pressure off the Gold
WTF gold, hadn’t looked for months since selling.
Yeah. Gold seems to be in its own bull run for whatever
Yeah. It has been consolidating for the last 5 months and seems to be breaking out now:
Silver is moving too:
Even the gold miners are starting to wake up:
Junior miners too:
Platinum/Palladium not too hot:
I didn’t notice how far uranium fell in 2025:
Bit of Oliver Twist thing going on there?
Re gold ATH ATM, don’t know what to think about it going forward.
I held gold and sold it with good profit to buy the April dip. That worked well, my first and only rebalance to date, sold high to buy low.
I ballpark estimated what it’d have made if I’d kept it instead and saw that having bought the dip smashed holding gold these last 5 months.
That made me realise there’s another side to hedges: either underperformance OR holding on to something you don’t really want to have for the purpose of using it later, AKA a speculative asset. First world problems?
What happened last time when gold outpaced the SP500? Hmm.
Did anything unusual happen back in 2008 or the year 2000?
If it was more granular it’d be more helpful to have an idea if to think about it as predictive vs reactive.
My old boss used to tell me “it’s critical to be broadly right, than exactly wrong” 
This time is different.
I think rather than Gold, we should watch how US democracy evolves. It’s becoming increasingly like authoritarian. This does not end well in long run
