Why Gold Endures

Gold pays no coupon and produces nothing, yet central banks hold tens of thousands of tonnes and investors run to it in every crisis. It endures because it is no one liability: no issuer can default it, print it, or sanction it, which is why reserves grew after the freezing of central bank assets in 2022.

Its price moves inverse to real interest rates, the opportunity cost of holding it, and with fear. Jewelry demand, half the market, ties it to Indian and Chinese incomes.

Five thousand years of monetary history did not end in 1971, and every banking stress episode proves the bid still exists when everything else wobbles..