Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

12 March 2026

Home / White Papers 2021

The case for gold in diversified superannuation strategies

This in-depth report reviews the role gold can play in diversified superannuation strategies. The findings presented are based on historical analysis of market data and superannuation funds across the risk spectrum from the early 1990s through to the end of 2020.

Found in the section titled Gold in diversified superannuation strategies, the report demonstrates that gold can improve risk adjusted returns at the portfolio level, primarily due to its historical ability to minimise overall portfolio downside in environments where diversified strategies decline in value.

This report also contains other sections pertinent to questions about the potential role of gold in Australian superannuation funds, including:

  • A review of the developments in the precious metal market in the past two and a half years, with gold firmly back on the investment radar after topping USD 2,000 per troy ounce for the first time ever in 2020.
  • The stand-alone attributes of gold as an asset class, from long-term returns to its relationship with real interest rates, and its correlation to equities.
  • Non-performance attributes of gold, including liquidity and investment costs.
  • A look at the gold price, its performance in previous market cycles, and whether the all-time high in the nominal price seen last year is indicative of a bubble.
  • Whether gold should be seen as a defensive or growth asset, or a hybrid of the two, as well as its unique qualities relative to other alternative assets.
  • How institutional investors can allocate to gold, looking at the pros and cons of gold futures, gold exchange traded funds (ETFs) and direct depository accounts.

 

Download the full paper here

  •   17 June 2021
  •      
  •   

 

Leave a Comment:
Firstlinks is sponsored by:
banner

Most viewed in recent weeks

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

3 ways to fix Australia’s affordability crisis

Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.

Is there a better way to reform the CGT discount?

The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.

Want your loved ones to inherit your super? You can’t afford to skip this one step

One in five Australians die before retirement and most have not set up their super properly so their loved ones can benefit from all their hard work and savings. 

Welcome to Firstlinks Edition 648 with weekend update

This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.

  • 5 February 2026

Super is catching up, but ageing is a triple-threat

An ageing Australia is shifting the superannuation system’s focus from accumulation to the lifecycle of retirement. While these pressures have been anticipated for decades, they are now converging at scale and driving widespread industry change.

Latest Updates

Economy

Has Australia wasted the last 30 years?

The 20 years after Peter Costello left Treasury have been deemed wasted...by Peter Costello. The missed opportunities for Australia began long before.  

Retirement

Navigating the next stage of life in retirement

Retirement planning is more than just saving enough money. Long-term care needs, housing choices, and social networks are just as critical for a happy and enjoyable life.

Strategy

Showcasing your value in the age of AI shortcuts

Knowledge is becoming commoditized in the age of artificial intelligence but experience, taste, and judgement are still at a premium.

Planning

Financial advice as the pathway to economic security

Financial advice can lead to improved financial literacy, a healthier super balance and a higher standard of living in retirement. Is now the time to give yourself the gift of financial advice?

Economy

The overlooked driver of energy inflation

The impact of energy policy on inflation in Australia is often overlooked. Transitioning to renewable energy can lead to inflated costs that affect the entire economy and productivity growth.

Economy

A 2026 rotation story: Europe’s undervalued small caps

In 2026, Europe is poised for a 'Goldilocks' scenario with cooling inflation and lower rates, driven by fiscal stimulus. Small caps offer an attractive entry point before capital rotation.

Investment strategies

What we do when things go up (a lot)

Recent price spikes, particularly gold's surge, trigger behavioral responses like availability bias, storytelling, extrapolation, and FOMO, which create self-reinforcing feedback loops influencing investor sentiment and market trends.

Sponsors

Alliances

Site Map

About Firstlinks

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.