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🔥 Top investment institutions speak out: Is the faith in gold really worth it?

Howard Marks, co-founder of Oak Tree Capital, recently released a memo that has garnered attention. His view is blunt: gold is not really an investment asset.

Why is that? The logic is actually simple—gold does not generate cash flow, cannot be truly valued, and its price fluctuations are entirely driven by market sentiment. Compared to assets that actually produce returns (stocks, bonds), the value support for gold becomes somewhat illusory. It's like in "The Emperor's New Clothes," where everyone believes it’s valuable, so it is.

📉 History often teaches us this lesson: when a crisis truly hits, the so-called safe-haven logic often collapses in an instant. Even with a 7% increase in gold prices in 2026 due to central bank gold purchases and geopolitical tensions, it doesn't change the fundamental issue.

🚨 Max's warning is straightforward: without an intrinsic value foundation, the hype will eventually cool down. Once market consensus shifts, those "hedge tools" that are highly anticipated may just be stories.

💎 Think about your current asset allocation. Are you still using outdated logic? Truly reliable investments should be based on assets that can be valued, verified, and genuinely generate returns. This principle applies to any market.