Crisis anchor: gold, royalties and short-term assets

Hedging component for a larger stock portfolio, not intended as a sole investment. Target structure: 35% physical gold (two ETCs with delivery rights), 25% precious metal royalty companies (operational leverage on the gold price without mining cost risk), 40% short-term and inflation-protected euro bonds plus money market. Horizon 3 years, goal: real capital preservation after inflation, drawdown below 15%. After the September setback, gold is trading at 4,195 USD/ounce (UBS 2026-10-02), Bank of America warns of 3,750 USD because the high oil price supports the dollar and interest rates (2026-10-03) - that's why gold is bought in three tranches and cut back to the target quota at Xetra-Gold above 140 EUR. Rebalancing quarterly. Risks: Fed interest rate hike (2026-09-16) makes interest investments competitive, royalty stocks fluctuate twice as much as gold (Wheaton -12% after record quarter, 2026-09-29). The depot is NOT a mining depot, not a silver gamble, not a crypto.