I think the issue is more to do with the backwardation occurring with the paper market holding it lower. It is now well documented and exposed.
How on earth can inflation be at over 40+ year highs and real rates well into the negative, and have a falling gold price?
Quite simple answer is a market price not determined by the physical supply demand metrics, brut instead determined by the 100times leveraged unallocated paper futures market.
If you’re not aware of this, then I highly recommend some research and study.
I think the issue is more to do with the backwardation occurring...
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