“A bit like insurance, which is often a grudge purchase for many, some investors may balk at the current levels,” it said. “We would, however, argue that given the plethora of negative deposit rates globally, the holding cost of gold is now negligible in many jurisdictions, and therefore gold deserves to be trading at elevated levels versus many other assets. …

“To balance the portfolio, cash goes to underweight — in a negative rate world gold may replace cash in portfolios,”