Gold
The monetary metal, held by central banks and investors as the classic store of value.
Overview
Over 3,000 tonnes are mined yearly, with China, Australia, Russia, and Canada leading, and demand splits jewelry, investment bars and coins, and central bank buying, which ran near 1,000 tonnes a year recently. Gold pays no income, so its price moves inverse to real interest rates and the dollar, and it rallies on fear, banking stress, and geopolitical shock. London good delivery bars trade over the counter, COMEX futures run 100 troy ounces, and Shanghai connects Chinese retail demand. The metal anchored the Bretton Woods system at 35 dollars an ounce until 1971, and reserve managers still treat it as the asset nobody else liability it is.
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