Gold's long-run real return is essentially zero over centuries (verified with real gold prices back to the Middle Ages), but it has returned about +6% real over the last 30 years; despite being on a tear, the structural monetary change means there is likely more to come, even though the 100-year real return will probably remain zero.

factualpending

Speaker

Russell Napier

Evidence Quote

I do still think the 100year return real return is probably going to be zero. So the 6% we've been getting very well rewarded for gold

Source

Russell Napier: Gold Is Screaming a Warning (But No One’s Listening)The Meb Faber Show
Created: 6/18/2026, 1:59:14 PM

My Notes

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