Not Gold, These Assets Look Better!

Adrian Day, head of Asset Management, defends the view that gold is not the best inflation hedge, and says that, relatively speaking, gold underperforms when compared to other things. We have prepared the details of the famous boss’s speech for you.

Adrian Day thinks Fed will shrink soon

Adrian Day says that the markets still believe in the Federal Reserve’s narrative of temporary inflation, but this narrative does not reflect the truth, and explains the issue as follows:

The market doesn’t believe the inflation story and seems to believe what the Fed has said about it being temporary. In my opinion, there are reasons to think that some of the recent jumps in certain prices are temporary. But if prices go up overall, that’s a reflection of inflation, and it seems to me we definitely have inflation.

The famous boss thinks that the Fed will soon go into contraction due to the increase in asset prices. Adrian Day states that they are actually not far from raising rates:

I think they should believe in constant inflation. Because if the inflation numbers continue to rise and I’m not talking about runaway inflation at this point, but if we get a consistent 3% and 4% number and we move up to 5%, the Fed will need to raise interest rates. I think the Fed is extremely reluctant to raise rates right now.

“If you look at the past 800 years, gold is not the best inflation hedge”

Adrian Day, who recommends stocks as well as fixed assets to protect against inflation, shares his assessment with us:

Stocks are an inflation hedge. People’s personal affairs can be a hedge against inflation risk. I think gold is a good inflation hedge on a risk-reward basis. Because I don’t think there is much risk for gold. Silver has historically been a better inflation hedge. But at the moment I think that would be a better inflation protection.


Adrian Day adds that while real estate is also a good inflation hedge, housing prices are overvalued in many places. However, according to the famous boss, gold has not always been the best inflation hedge, but has performed well during deflation. Adrian Day continues his words as follows:

If you look at more than 800 years of history, gold is not the best inflation hedge. Relatively, gold underperforms when compared to other things. However, this is very good deflation protection, and this is because deflation is often associated with some form of monetary turmoil. If you’re in a country with runaway inflation like Argentina, Zimbabwe, the Weimar Republic, keeping your assets in gold is obviously a very, very good thing. But if you look at the 1970s or the second half of the 1970s, gold was not the best performing asset.

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