I already have an emergency fund with which I am comfortable with and no debts. The emergency fund is in euros, my local currency.
This question concerns the asset allocation of my investment portfolio. My current asset allocation is 70% Stocks - 25% Bonds - 5% Gold.
I am considering the option of including ~5% Cash in a foreign currency, reducing stocks, bonds and gold accordingly (something around 69% Stocks - 22% Bonds - 4% Gold - 5% Cash). This would be rebalanced yearly along with every other asset in the portfolio.
I have two questions:
Do you considering this a sensible choice? My concern is that this might be redundant if we take into account that I already own gold.
What currency would you choose? Since my economy depends on euros and my portfolio in euros and US dollars, I was thinking in maybe keeping cash in Swiss francs or British pound. It would be a plus if other assets like cryptocurrencies would be considered in the answers.