How much gold should a portfolio hold?

There is no universal right allocation to gold. But there are useful reference points.

Historical frameworks

• Permanent Portfolio (Harry Browne): 25% gold
• All Weather (Bridgewater): ~7.5% gold
• Endowment models (Yale, Harvard): typically 5–10% in real assets including gold

What the math says

Adding 5–15% gold to a stock-heavy portfolio has historically improved risk-adjusted returns and reduced drawdowns during major equity bear markets.

How to decide for yourself

Start with the job you want gold to do. If it is drawdown protection, you likely need more than most people hold. If it is a portfolio hedge for inflation surprises, less can suffice.