Oh, I was referring to systemic risks in a broader sense like over-leveraged markets, rising interest rates to curb inflation, volatility, European Union fracturing etc. Not Beta as a derived metric from asset returns against the index.
Looking at gold, I believe it has intrinsic value based on:
- It is an industrial commodity
- It is a scarce resource
- It is a monetary metal
- It has been a store of wealth for millennia
Perhaps gold will go back up over 1400 by the end of this year, I can't predict it with any degree of certainty. Looking at past events can be helpful but it is in no way indicative.