Part 1: Real Gold vs Synthetic Gold
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Gold’s price no longer responds to a single demand driver. The data shows shifting elasticities across jewellery, investors, ETFs, and central banks, and these shifts reveal where price discovery is actually happening today. Part 1 maps the new drivers that now define the market.
Gold Demand, Elasticities, and Price Dynamics
I. Overview: Sectoral Differences and the Demand Puzzle
The relationship between gold demand and the price of gold is often treated as stable and intuitive, with jewellery consumption…
The skinny
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