Gold fällt in der Krise – ist der sichere Hafen nur ein Mythos?

Gold is considered by many investors to be a safe haven in uncertain times. Yet, it is precisely during crises that the price of gold can initially come under pressure. Why is this? And what does this mean for investors who see gold not as a speculative investment, but as a safe haven component in their portfolio? In this interview, Philipp Vorndran from Flossbach von Storch explains why gold doesn't compete with stocks, why it isn't a classic hedge like a futures contract, and why the real gold story has less to do with short-term price targets than with national debt, inflation, and trust in paper money. The interview also addresses the question of what role gold can play in a portfolio, for whom it makes particular sense, and why it makes a difference whether investors own physical gold or invest via paper gold products. Chapters: Gold as a safe haven – why the price can still fall Safe-haven gold or speculative gold? Distrust of paper money and national debt Why gold doesn't replace stocks Gold as insurance against inflation How much gold fits in a portfolio? Central Banks, the Dollar, and the Search for Alternatives Physical Gold or Paper Gold? What Investors Can Take Away From the Discussion Note: Investments involve risks. The content is for informational purposes only and does not constitute investment advice. Disclaimer The content presented is intended solely for private use by individuals residing in the Federal Republic of Germany. comdirect – a brand of Commerzbank AG – assumes no liability whatsoever for the suitability or usability of the accessible content for use in other locations. Users accessing this content from other locations do so on their own initiative and at their own risk. In particular, users residing in the United States of America, Canada, or the United Kingdom are not authorized to access this content. Investments involve risks. The information provided in connection with this event is for informational purposes only and does not constitute investment advice, an offer, a solicitation, or a recommendation to buy or sell securities or other financial instruments. Past performance is not a reliable indicator of future performance. The information provided is intended to facilitate your independent investment decisions, but it does not replace investment advice tailored to your individual circumstances, nor does it replace personal tax or legal advice. No guarantee is given for the accuracy, completeness, or timeliness of the information provided – particularly information from external sources. Tax treatment depends on the individual circumstances of each client, and legal regulations are subject to change. comdirect – a brand of Commerzbank AG – accepts no liability for the information provided. This publication may not be modified or published without the consent of comdirect.