Investors can't help but notice the sparkle of gold's record run. But they may want to think twice before adding more of it to their portfolios — over the long haul, it underperforms compared to stocks and other assets.

"Gold glitters but earnings compound," said Pat Beaird, a certified public accountant and co-founder of Beaird Harris Wealth Management in Dallas.

"Over 30 years, compounding wins every time," he said. Beaird Harris Wealth Management is ranked No. 3 on CNBC's Financial Advisor 100 list for 2025.

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