Gold as a hedge against inflation
Historical data on gold performance during periods of high inflation.
Gold is traditionally considered the best hedge against inflation. Historical data shows a positive correlation between inflation and the gold price — but the relationship is not linear.
1970s: US inflation reached 14.8% in 1980. Gold went from 35 USD/oz (1971) to 850 USD/oz (1980) — a rise of 2,300%. This is the most cited example of gold as an inflation hedge.
2021-2023: Swiss inflation reached 3.5% (a 30-year record). Gold in CHF gained ~15% over the period. Partial but real protection — gold outperformed bonds and listed real estate.
Limitations: When central banks raise rates aggressively (as in 2022), gold suffers short-term as bonds become attractive (opportunity cost). Gold mainly protects against unanticipated inflation.
In Switzerland: The Swiss franc is itself a refuge currency. Gold in CHF underperforms gold in USD during periods of dollar weakness. For a Swiss investor, gold primarily protects against a systemic crisis scenario.
🧮 Inflation vs gold price
Poder Adquisitivo vs Oro
El oro ha multiplicado su precio en divisa local por:
12.79x
Un billete de 1000 de 2000 sigue valiendo 1000 nominalmente hoy, pero su poder adquisitivo real ha mermado drásticamente. En cambio, un lingote de la misma época hoy vale 12.79 veces más.