The value like anything that is a commodity is a question of timing. Late last year regardless of rarity or fear protection, it was looking dangerously close to another breakdown. Since then there is a big sustainable move up.
Just supply demand issue and demand out lasting the supply so it moves up. I don't however buy the market crash protection sentiment. Could be the early birds smart money factoring some bad things to come. These anticipations can take a long time to play out as one can see from 6 years of very little growth, it is business as usual in risky assets.
