The council noted that the commodity reflation trade is in full swing, which can negatively impact risk-on assets and push toward higher allocations for gold. It found that assets like real estate investment trusts and Treasury Inflation-Protected Securities (TIPS) performed well during reflation, as did commodities and gold. The yellow metal is both an investment and a consumer good, which makes it a “multi-faceted asset that enjoys diverse supply and demand dynamics that play an important role in gold’s performance,” the council explained.