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Earlier this year, we reduced and subsequently eliminated gold from portfolios based on price, anticipated policy changes, and poor relative price momentum. We remain underweight gold ahead of the Federal Reserve’s September Federal Open Market Committee meeting. We continue to monitor gold, however, and are maintaining the metal as part of our long-run policy allocations. We continue to see its value as an alternative asset under a variety of market conditions, since gold prices and the dollar often move in opposite directions from one another.