https://www.deshaw.com/assets/articles/ ... 250827.pdfAs a non-productive store of value, gold presents unique modeling challenges. It doesn’t generate income or have widespread industrial uses, but its positive relationship with long-term growth—and independence from shorter-term economic cycles—make it a compelling asset in portfolio optimization. This is especially true during periods of inflationary shocks, geopolitical uncertainty, and positive stock-bond correlation.