Aiming gold with stock as reserves will likely produce better results in the long term than aiming stocks with gold as reserves, simply due to gold's higher volatility.
I remember doing some backtesting using CEF (gold+silver, data goes back to 1992) and VTSMX as reserves and the results were a lot more favourable than with the two assets reversed.
f anyone is interested I can do them again and post some results.
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