Vloga zlata v diverzificiranih portfeljih skozi gospodarske cikle

This thesis explores the role of gold in diversified portfolios across different economic cycles.Drawing from theoretical research and simulation analysis based on historical data, it examines the impact and effect that gold has on modern portfolios.The findings show that gold's inclusion in portfolios delivers substantial performance benefits.It enhances long-term efficiency by improving risk-adjusted returns and contributes to portfolio resilience during periods of market turmoil.Ultimately, this thesis demonstrates that gold still serves the same purpose it has for centuries, that of a diversifier and a source of financial stability.