Good point about the jewelry .
A lot of demand from India for decades because of this .
Good point also from gostwriter about the A$ too .
Of course it used to be ilegal to hold gold in Australia and I suppose could be again but things would need to be really bad for that to happen I suspect .
But the point you made about the return from NCM ,and if anyone looked other producers would also have impressive numbers ,compared to the return from holding gold illustrates the main point well .
Holding physical gold may be seen as insurance but not a good way to make money particularly compared to holding gold producers .
RMS relative valuation update, page-36
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