Kevin Duffy on the bull case for gold

Gold can be seen as an insurance policy against macro risks: inflation, hyperinflation, recession, depression, taxation and confiscation.  It competes with other perceived safe haven assets: fiat currencies, government bonds, consumer staples stocks and, some might argue, bitcoin.  The bull case is straightforward: black swans are lurking, gold’s competitors are lacking and sentiment is bearish.

~ Kevin Duffy, The Coffee Can Portfolio, p. 21, January 24, 2023