HOW TO PLAY IT

Gold is a mediocre investment, delivering less than 2% a year in real terms over the past century. But it was a good insurance policy during the stagflation of the 1970s, and we might be in for another round of that. Savers with very deep pockets can get an off-grid bullion storage option (see story, page 62). Mere mortals should settle for an ETF like iShares Gold Trust Micro (expense ratio: 0.15%). An alternative is a gold miners fund. Grant’s Interest Rate Observer recommends Sprott Gold Equity (expense 1.4%). The cost-conscious will prefer VanEck Gold Miners (0.51%), but its long-term return is not as good.

William Baldwin is Forbes’ Investment Strategies columnist.