Years ago I read a great fundamental analysis of what drives gold. The conclusion was 'negative real interest rates' is the best fundamental for gold.
Yet, oddly, now we have inflation 2% (according to US fake numbers). In reality it is 'some number higher'. And official rates for cash are about NIL and in some cases for really solid cash/German bonds... NEGATIVE. So, honestly, currently these negative interest rates 'should be' positive for gold.
Yet, can one simply say that is NOT a fundamental for gold. Is there NO fundamental for gold?
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