So what’s going on with gold? Given Trump’s unpredictability, you might think gold would have reacted more positively than it did. And I do think that you can make the case that the sell-off in bonds is related to the sell-off in gold. If the market is factoring in higher rates, perhaps that is what is motivating sellers.

The fundamental reason I own gold is that it is my hedge against governments. From a political upheaval perspective, 2016 has been the year that keeps on giving. I don’t see that changing. For all the volatility, you want a considerable long-term core position.