Is Bitcoin the new gold?

Gold as an asset class

The price of gold has risen significantly over the last twelve months. According to stock market data, the price at the end of November 2025 was around 60% higher than a year ago in US dollars. A new all-time high was reached in October 2025 - a sign of how strong the demand for gold currently is .

The gold price is driven by several factors:

• Inflation and currency risks: In times when inflation is high or unpredictable or confidence in paper currencies falls, gold is often seen as a "safe haven". Although inflation is very low in Switzerland, this is not the case in other countries and is therefore a good argument .

• Interest rate policy and real interest rates: Low or negative real interest rates (i.e. when inflation exceeds nominal interest rates) make gold more attractive because gold itself does not pay interest. In such an environment, the demand for tangible assets such as gold increases .

• Institutional demand - central banks & investors: Central banks around the world continue to increase their gold reserves; this limits supply and increases demand. At the same time, many private investors now see gold not just as jewelry, but as a strategic alternative to stocks and bonds, and with countless tracker products, investing in gold has also become very easy for retail customers and the market is more liquid .

• Fears due to geopolitical and economic uncertainty: Crises, debt problems or geopolitical tensions increase the need for asset security and gold often benefits in such times .

All these factors underline why gold is once again playing a central role in many portfolios. Unlike equities or bonds, gold generally has a very low or even negativecorrelation with traditional asset classes - especially in times of crisis .

This means that gold can act as a "hedge" when other investments collapse, as well as helping to maintain purchasing power in the long term - for example in the event of high inflation or currency devaluation .

Many investment experts therefore recommend a moderate addition of gold (e.g. 5-10% of an overall portfolio) in order to better spread risks in a balanced portfolio, for example. Although gold does not provide dividends, it is considered a "safe haven" and is now - perhaps more than ever - a sensible component for investors who do not want to put all their eggs in one basket.

Many asset managers on the ZWEI Wealth platform have an allocation to gold as an integral part of their offering. The best way to evaluate whether this is also suitable for your personal situation is in a planning meeting with a wealth officer.