Welcome to the forum Pors. I see this is your first post. :) Short answer to your query. Gold hedges US bonds better than bonds from other countries. Let's follow Blue Ruins suggestion and run a simulation on portfolio charts. Pretend you are living in Spain 1. USA PP but with Spanish currency (cas...

https://portfoliocharts.com/2020/10/28/the-most-dependable-way-to-defeat-financial-terror/ And as an aside, for Non-US readers, just consider a US-PP and replace the cash with your local currency. Check out the Ulcer Index for your selection here ->https://portfoliocharts.com/portfolio/portfolio-ma...