New Delhi, Oct. 13 -- Gold and Bitcoin may both be glittering this season-but their shine comes from very different sources. One thrives on history and stability; the other, on speculation and digital faith.

The on-going rally in gold and Bitcoin-beside the 10 October sell-off-has been eye-popping. Yet, unlike equity and debt, which are staple portfolio assets with tangible fundamentals, gold and crypto are outliers.

In equity stocks, investors back proven businesses with growth prospects. In bonds, the certainty lies in a committed coupon. Gold, on the other hand, acts as a 'portfolio diversifier'. Historical data shows that even a 10% allocation to gold can improve a portfolio's risk-adjusted (i.e., volatility-adjusted) returns. In sh...