Gold offers wealth protection not generation

Here is what Francisco Blanch, head of commodities and derivatives research at Bank of America Securities, said in a recent interview on CNBC.

Gold is both overbought but also under-owned. And this means that you probably still want to own it in the long run. And that's why we've revised in the last couple weeks—we revised our forecast by about a thousand dollars an ounce to 5,000. We've been bullish gold throughout. We had a 4,000 target. It just happened a lot faster than we anticipated.

The other thing that I would say about the gold market is that the extraordinary volatility we've seen on the way up, coupled with the declining volatility on the way down, makes us think that the market is, as I said, a little overbought right now, a little frothy. And we've seen massive inflows in the past few weeks. So that's really what's triggered this last run-up in August, September, and early October. It feels a little more retail-ish, to be honest.

And again, there's fundamentals on gold. There's a big story of the fracture that we see in global geopolitics between the US and China. The new sanctions that have been applied to Russia this week, and of course there is a constant search by central banks for alternatives to US dollar and euro-denominated assets. So that's been supportive of gold, but we think this market's a little overbought and it's going to be consolidating at these levels, maybe a little lower.

And again, there's fundamentals on gold. There's a big story of the fracture that we see in global geopolitics between the US and China. The new sanctions that have been applied to Russia this week, and of course there is a constant search by central banks for alternatives to US dollar and euro-denominated assets. So that's been supportive of gold, but we think this market's a little overbought and it's going to be consolidating at these levels, maybe a little lower.

On why one should be including gold in a portfolio, Francisco replied: Look, gold makes a lot of sense in a portfolio. So, I think that's the first thing I would say, but also I don't think it makes a lot of sense to try to chase gold prices higher. Remember, we've had a lot of volatility in a few corners of the market. We've had volatility in a number of equity markets—in particular, we've had volatility in miners. We had volatility in nuclear stocks and so on. And perhaps also some of the AI stocks. And what's going on in the gold market is somewhat similar. We've seen silver also joining that rally.

So I wouldn't be necessarily chasing it, but I would be buying dips and trying to establish a more formal core position in gold in a portfolio over time because I do think gold is money. And 50 years ago, 10 ounces of gold bought you a car, and today 10 ounces of gold buy you a car. So that's what you're buying there—you find some asset that over very long periods of time is going to more or less maintain its value. But I wouldn't be necessarily looking for gold to generate wealth for you. It's more of a protection against what may come.

Aging and illness are separable

Aging and illness are separable, said Manel Esteller MD PhD., the chairman of genetics at the University of Barcelona School of Medicine and senior author of a study published recently in Cell Reports Medicine. 

Aging and Illness Are Separable: New Study Uncovers Secrets to Living to 117

Dr. Manel Esteller

Barcelona, Spain – A groundbreaking study published in Cell Reports Medicine reveals profound insights into the extraordinary life of Maria Branyas Morera, who, at 117, was the world’s oldest person when she passed away in 2024. Conducted by researchers at the University of Barcelona, the study highlights that “aging and illness are separable,” offering hope for healthier longevity through an in-depth analysis of Morera’s genetics, immune system, microbiome, and lifestyle.

Born in San Francisco in 1907 and a resident of Catalonia, Spain, since age 8, Maria Branyas Morera lived a simple yet vibrant life, enjoying yogurt, gardening, walks, reading, playing the piano, and spending time with friends and dogs. Despite outliving Catalonia’s average female life expectancy of 86 years by over three decades, she remained in relatively good health until her passing. This remarkable longevity prompted scientists to explore what made her exceptional.

Led by Dr. Manel Esteller, chairman of genetics at the University of Barcelona School of Medicine, the research team, with Morera’s full cooperation, analyzed her biology at age 116. By collecting samples of her blood, urine, saliva, and stool, and documenting her lifestyle, they identified a unique combination of genetic, physiological, and environmental factors contributing to her long life.

Morera “won the genetics lottery”

The study found that Morera “won the genetics lottery,” as Dr. Esteller described. Her genome contained numerous variants linked to longevity, including those supporting DNA repair, clearing malfunctioning cells, controlling inflammation, and powering robust mitochondria. Researchers also discovered seven previously unidentified genetic variants likely critical to her extended lifespan. Notably, Morera lacked gene variants associated with major chronic diseases like cancer, Alzheimer’s, or diabetes, none of which she developed, with arthritis being her primary health concern.

Her immune system was exceptionally resilient, maintaining a robust supply of T cells that retained memories of past infections, including her survival as Spain’s oldest covid-19 patient. Unlike many elderly individuals, her immune system remained efficient, avoiding overactivity that could lead to autoimmune issues. Her gut microbiome further supported her health, rich with bacteria that produce anti-inflammatory substances, bolstering her immune system and overall well-being.

Morera’s lifestyle amplified her biological advantages. In her final decade, she consumed three plain yogurts daily and adhered to a Mediterranean diet rich in fish, olive oil, and fruit, eating lightly. She stayed active through walking and gardening until her later years and maintained healthy cholesterol and blood-sugar levels, resulting in a biological age 23 years younger than her chronological age. Socially, she engaged with residents at her assisted-living facility and welcomed visitors, fostering a sense of community.

Though Morera showed signs of aging, such as joint pain and elevated amyloid protein levels—a potential dementia marker—she never developed serious illnesses. As Dr. Esteller noted, “aging and illness are separable,” a key takeaway from her ability to delay disease until her peaceful passing in her sleep on August 19, 2024, at 117.

While the study focuses on a single individual, it underscores the interplay of genetics, immune function, microbiome health, and lifestyle in achieving extreme longevity. Dr. Nir Barzilai, founder of the Longevity Genes Project at Albert Einstein College of Medicine, emphasized the need for further research into supercentenarians to draw broader conclusions. Still, this study lays the groundwork for future discoveries about aging and potential interventions for healthier lives.

Dr. Esteller suggests that while Morera’s genetic advantages are unique, adopting aspects of her lifestyle—such as a balanced diet with yogurt, regular physical activity, and social engagement—could promote healthier aging. “Maybe try one yogurt a day,” he advised.

Maria Branyas Morera’s legacy continues to inspire scientists and those seeking a long, healthy life. For more information about the study, contact the University of Barcelona’s research office. 

(Courtesy: Gretchen Reynolds Washington Post)