In this edition of Between the Margins, Empower Chief Investment Strategist Marta Norton examines the reliability of gold as a hedge against inflation and recession.

• Gold has been on a tear, not just in 2025, but in 2024 too. 
• Yes, it’s a macroeconomic thing, but it’s also a technical thing: Central banks have been buying. 
• That’s the trouble with gold: Macroeconomics and technical factors are hard to predict. If you want to own it anyway, recognize the unpredictability and size it accordingly