Gold is trading at roughly five thousand dollars an ounce. It set over forty all-time highs in 2024, then over fifty more in 2025. Central banks bought over a thousand tonnes for the third consecutive year. If you hold gold, you’re feeling good right now. But there’s a number buried in the recent data that most gold investors never check, and it changes the way you think about how gold sits in a portfolio.
In August 2024, the gold-to-S&P-500 correlation hit 0.91. Almost perfectly in lockstep. That was the first time both gained over 25% in the same calendar year. Morningstar reported zero negative correlations between precious metals and fourteen major asset categories by mid-2025.
Gold bars face capital gains tax at 18 or 24%. Same rate as equities. No special treatment. Gold Sovereigns and Britannias are exempt because they're UK legal tender. But bars, ETFs, foreign coins? Standard CGT. Most people assume gold has a tax advantage over other assets. It doesn't.
Gold moves on monetary policy, central bank flows, geopolitical shocks. Other tangible assets move on cultural demand, collector behaviour, and generational wealth transfer. When you hold both, you're not just diversifying away from equities. You're diversifying within your tangible assets as well. That second layer is the bit most people miss.
Certain tangible assets classified as non-wasting chattels grow tax-free while held. No income tax, no unrealised gains tax. And you can borrow against them at 40 to 60% LTV through a $40 billion global lending market, without triggering a disposal event. Try doing that as an individual with physical gold bars.
A two-minute assessment that maps your current tangible asset allocation against the correlation, tax, and return data presented in this masterclass. Whether you hold gold, other tangible assets, or neither. The output is a personalised report built around your actual allocation and tax situation.
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