Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
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Gold has been a cornerstone of wealth preservation for centuries, consistently keeping pace with inflation and hedging against market volatility. Yet, how much gold should you have in your portfolio today?
That’s one of the first questions investors ask when exploring precious metals. In reality, there’s no universal answer. The right allocation depends on your personal investment goals, risk tolerance, time horizon, and broader financial strategy.
Below, we examine gold and silver allocation recommendations from leading financial institutions and analysts to help determine what role precious metals may play in a diversified portfolio.
What Smart Money Says About Gold Allocation
| Financial Institution/Analyst | Precious Metal | % of Portfolio |
|---|---|---|
| Robert Kiyosaki | Gold & Silver | 75% |
| Ron Paul | Gold & Silver | 64% |
| Berenberg | Precious Metals | 45% |
| SAMCO Securities | Gold | 30–40% |
| CPM Group | Gold | 25–30% |
| In Gold We Trust | Gold | 25% |
| Jeffrey Gundlach (DoubleLine Capital) | Gold | 25% |
| Marc Faber | Gold & Silver | 25% |
| Harry Browne | Gold | 25% |
| Morgan Stanley | Gold | 20% |
| Flexible Plan Investments (FPI) | Gold | 20% |
| David Morgan (The Morgan Report) | Precious Metals | 20% |
| Peter Schiff | Gold & Silver | 10–20% |
| Ray Dalio (Bridgewater Associates) | Gold | 10–15% |
| Sprott | Gold | 10–15% |
| Young Entrepreneur Council | Precious Metals | 5–15% |
| Wisdom Tree Investments | Gold | 12% |
| John Paulson | Gold | 10% |
| Mark Mobius | Gold | 10% |
| UBS Wealth Management | Gold | 10% |
| Jim Rickards | Gold & Silver | 10% |
| Jim Cramer | Gold | 10% |
| Frank Holmes (U.S. Global Investors) | Gold | 10% |
| Kinesis Money | Precious Metals | 5–10% |
| State Street Global Advisors | Gold | 2–10% |
| World Gold Council | Gold | 2–10% |
| Oxford Economics | Silver | 4–6% |
| Kevin O’Leary | Gold | 5% |
| Mohamed El-Erian (Allianz) | Gold | 5% |
| Merrill Lynch | Gold | 2–5% |
| BlackRock | Gold | 2–4% |
Expert Commentary on Precious Metal Allocation
Robert Kiyosaki
"Before going down with the ship, consider a shift to 75% gold, silver, bitcoin, and 25% real estate/oil stocks. This mix may allow you to survive the greatest crash in world history." — Source
Ron Paul
"Paul's investment portfolio is dedicated almost solely to hard assets, with 64 percent in gold and silver miners, 21 percent in real estate, and 15 percent in cash." — Source
Berenberg
"Berenberg's research team laid out a high-conviction 'barbell' portfolio that allocates a hefty 45% to what it calls "gold plus"—a bucket comprising gold, silver, other precious metals and Bitcoin." — Source
SAMCO Securities
"An ideal portfolio could have 60-70% equity allocation while the remaining portion can be spread out evenly between gold and fixed-income securities." — Source
In Gold We Trust
"The new rules in the gold market require a rethinking of traditional asset allocation and portfolio construction. Our historical analysis indicates that an optimal gold allocation lies in the range of 14-20%. However, given the current market conditions, an increased allocation of approximately 25% appears appropriate." — Source
Jeffrey Gundlach (DoubleLine Capital)
"I still think a 25% type weighting in gold is not excessive. I think that is an insurance policy. It's in a winning mode because of the weaker dollar, and I believe that's going to continue." — Source
Marc Faber
"I say you should have about 25% of your money in stocks, 25% in real estate, 25% in gold and silver, and 25% in cash." — Source
Harry Browne
"The Permanent Portfolio consists of 25% in precious metals (gold) in order to provide protection during periods of inflation." — Source
Morgan Stanley
"A 60/20/20 portfolio strategy that includes 20% gold is a more resilient inflation hedge at a time when U.S. equities are offering historically low upside over Treasuries, and investors are demanding higher yields for long-term bonds." — Source
Flexible Plan Investments
"The optimal allocation from a risk-reward standpoint has been to allocate 20% to gold and 80% to a balanced portfolio." — Source
David Morgan (The Morgan Report)
"We are on record as suggesting that 20 percent of a person's liquid net worth should be devoted to the precious metals. Initially, we thought that 10 percent would be sufficient, but we increased that amount many years ago to twenty percent." — Source
Peter Schiff
"Peter Schiff has always recommended holding 10-20% of an investment portfolio in physical precious metals. Generally speaking, Peter advises holding about 2/3 of precious metals holdings in gold and about 1/3 in silver." — Source
Ray Dalio
"Dalio recommended a minimum 10-15% allocation to gold in investment portfolios. He sees gold as a vital diversifier and a hedge against currency devaluation and geopolitical uncertainties." — Source
Sprott
"Sprott recommends investors allocate 10-15% of their diversified portfolio to gold and gold-related equities." — Source
Young Entrepreneur Council
"The share of your portfolio that you dedicate to precious metals will depend on your sensitivity to risk. We generally advise our clients that 5% to 15% of their portfolio should be dedicated to precious metals." — Source
Wisdom Tree Investments
"Head of commodities and macroeconomic research at WisdomTree, Nitesh Shah, showed that owning up to 12% in gold alongside a traditional 60/40 portfolio would have provided maximum diversification from 1973 to today." — Source
John Paulson
"John Paulson said that a 10% allocation to gold could be 'prudent' for investors." — Source
Mark Mobius
"People should have at least 10% of their portfolio in gold. I keep physical gold, and I think that everyone should have it." — Source
UBS Wealth Management
"In terms of being diversified, with everything that has gone on, having a small allocation, maybe up to 10%, is not a bad move right now." — Source
Frank Holmes (U.S. Global Investors)
"You should have 10% in gold. That's the golden rule. That is precious. That lasts forever. If you have a $100,000 portfolio, $10,000 should be in gold." — Source
Kinesis Money
"A typical recommendation is for an investor to allocate between 5% and 10% of their total portfolio to gold and other precious metals such as silver." — Source
Kevin O'Leary
"I have a 5% weight in gold, and whoa, has that ever worked. Ichihuahua Caramba, I'm so happy with my gold." — Source
Mohamed El-Erian (Allianz)
"He recommends having up to 5% gold in your portfolio, because it's negatively correlated to many other investments and adds diversification." — Source
State Street Global Advisors
"Given that adding a 2% to 10% strategic asset allocation to gold improved risk-adjusted return and reduced maximum drawdown compared with the portfolio without any exposure to gold-backed investments, global multi-asset portfolio managers should consider the merits of including gold in their portfolios." — Source
World Gold Council
"Holding 2%-10% in gold can greatly benefit investors seeking a well-balanced, diversified portfolio." — Source
Oxford Economics
"According to new research by Oxford Economics, investors would benefit from an average 4-6 percent silver allocation within their portfolio, significantly higher than current holdings of silver by most institutional and individual investors." — Source
Merrill Lynch
"We have recommended to our clients that maybe 2% to 5% of your assets should be in gold, not just from a return perspective. I think with the uncertainty associated with the global financial market, gold is an absolute hedge against distress in the world market." — Source
BlackRock
"A 2-4% strategic allocation to gold is still warranted. Historically, gold tends to outperform stocks when volatility rises." — Source
What Factors Determine How Much Gold and Silver to Own?
There’s no one-size-fits-all answer to how much of your portfolio should be in gold or silver. The ideal precious metals allocation will depend on your unique situation and current market conditions. Here are the essential factors to consider when figuring out how much gold or silver to buy:
Your Financial Goals
Your overall investment strategy and available capital play a central role in guiding your precious metals position. For example, someone nearing retirement may have a solid portion of their portfolio in a precious metals IRA, while a young professional starting out might only be exposed to a little bit. Crucially, the most ideal gold or silver allocation will vary over time as your financial situation and objectives shift. It’s important to keep your investment strategy aligned with your current circumstances.
Risk Tolerance
People tend to hold gold and silver in their portfolios for added protection against inflationary pressures and market volatility. While more mainstream assets are subject to broad economic swings, precious metals have a proven track record of keeping pace with inflation due to their inherent value and time-tested ability to retain wealth. Investors with lower risk tolerance may choose to dedicate a larger portion of their wealth to precious metals, while those with higher risk tolerance may prefer to follow the standard allocation guidelines. For a deeper look at how rate volatility is reshaping portfolios, see our analysis of rising yields and stagflation risk.
Investment Time Horizon
How long you plan to hold your gold and silver is another important consideration. Generally, short-term investing means smaller allocations, while long-term holders can benefit from larger positions. Historically, precious metals perform their best over extended periods, though investor timeframes will vary based on financial needs.
Current Market Conditions
Broader market conditions are some of the most influential factors affecting gold and silver prices, which naturally impact how much people want to put towards these precious metals. Investors will often expand their allocations during periods of economic downturn and lighten their holdings when instability subsides — a dynamic worth watching given current questions about where gold prices head next in 2026.
Personal Preferences
While economic data and historical trends are important, your personal preferences ultimately guide the decision. As with any investment, you should feel comfortable with the portion of your portfolio allocated to gold and silver. A qualified precious metals advisor can help you balance your convictions and preferences against broader economic factors and industry norms, ensuring your allocation aligns with both your financial goals and personal circumstances.
The Shift Away from the 60/40 Investment Portfolio
While recommendations on gold allocation vary widely, there has been a recent shift regarding the importance of the yellow metal in an investor’s portfolio. Historically, mainstream market wisdom recommended a 60/40 split between equities and U.S. bonds. Sometimes, a small sliver of the 40% would be put towards gold, but precious metals remained outside of the core framework. Over the past few years, an increasing number of major financial institutions and reputable investors have bucked this conventional setup in favor of more diversification — a trend we break down further in Beyond the 60/40 Model: The Growing Role of the Precious Metals IRA.
Recently, Morgan Stanley’s Chief Investment Officer, Mike Wilson, advised investors to consider a 60/20/20 portfolio, wherein stocks maintain their dominance, but the remaining 40% is split equally between U.S. securities and gold. Successful stockbroker Peter Schiff mirrored this advice, specifically advising investors that “the only way to go from a 60/40 portfolio to a 60/20/20 portfolio is to sell bonds.” BlackRock’s Larry Fink suggests a 50/30/20 split, instead of the traditional framework, with the remaining 20% put towards private assets, such as gold.
Gold Demand Is Breaking Records
While the mainstream investment philosophy is starting to embrace gold as a core component of a well-diversified portfolio, gold demand is surging. The World Gold Council reported that total worldwide gold demand reached a record of 5,000 tonnes in 2025. More specifically, global investment purchases rose by 84% last year to an all-time high of 2,175 tonnes. Crucially, this gold frenzy is occurring at official, institutional, and retail levels.
Central Banks Pour Into Gold
Following decades of net selling throughout the 1990s and early 2000s, central banks have flipped on the gold-buying switch. Stockpiles across the globe, yet especially among emerging economies, have grown significantly. Between 2022 and 2024, official demand hovered over 1,000 tonnes annually. In 2025, central bank accumulation still exceeded 800 tonnes, and a similar level is expected in 2026. Recently, the value of gold reserves overtook that of U.S. Treasuries and the euro, making gold the top asset among governments.
Gold ETFs Record High Inflows
Gold exchange-traded funds (ETFs) saw 801 tonnes of inflows in 2025, charting one of the strongest years in history. This momentum carried through into Q1 2026, as purchases reached 62 tonnes. ETF demand is especially noteworthy since it often reflects institutional interest, as large pools of capital flood into gold assets.
Retail Buyers Join the Buying Spree
Although central banks have been gobbling up physical gold for years, retail investors have recently ramped up their purchases. In 2025, gold coin and bar demand reached a 12-year high. The intake didn’t slow down in 2026, with Q1 purchases climbing 42% year-over-year to 474 tonnes. This marks the second-highest quarterly total on record. Perhaps most revealingly, this surge in retail demand comes even as gold prices sit near record highs.
What Percentage of Your Portfolio Should Be in Precious Metals?
As you can see from the range of recommendations above, there’s no clear-cut answer to the question of precious metals allocation. The best way to determine how much gold and silver you should hold is to speak directly with a dedicated precious metals advisor.
These professionals can give you custom-tailored recommendations based on your unique budget, goals, and preferences. You can reach a Scottsdale Bullion & Coin advisor by calling toll-free at 1-888-812-9892 or by using our live chat function.
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