Gold isn't an effective equity hedge right now

Stocks are producing lower returns with higher volatility. Hedges like bonds and gold have become less reliable. Gold has been better than bonds but also a drag on stock returns. One of the many ways this year differs from last is that in 2017 even your hedges rose–a surprise, since one expects that assets intended to hedge equity risk won’t perform well in “risk on” periods. However, in 2018, in contrast, not only are stocks producing lower returns with more volatility, hedges have beco...