EXCERPT:
DALIO: "I think people pay too much attention to the spot price, is the spot going to go up or down or whatever, and what they don’t do is think, 'If I didn’t have any view on gold, what amount should I have in my portfolio?' In other words, if you did a portfolio construction exercise, and you said, 'What is an effective diversified portfolio and what assets should I have and what amounts in that,' because gold is a very effective diversifier and also a protector of this ,during very bad times, gold does very well when the rest of your portfolio does poorly because — let’s say the 70s being a good example, or the 30s being a good example, during those times it’s a diversifier. Okay, so the optimal amount to have for an individual or a central bank might be different, but an individual would be, depending on what’s in their portfolio, between 5 and 15 percent of a portfolio. And so what I would say is, if you approach that question that way and you think, 'What should I have?' You should have what we talked about before, a year ago, I guess, and so you should have that particular amount somewhere in that neighborhood, depending on what your portfolio is like, and because it’s an effective diversifier and it is money, okay, when the traditional money does badly, this money does well. When the traditional money, which gives you an interest rate, that is diverse. So that’s the thing that I would try to convey to people, you know, okay, do you have some of that? What’s the amount that's your comfort level, you know, but have some?"