A few of thoughts. Firstly, most central banks can sell gold at almost any price above $50 and make money, since most still value it on the last Bretton Woods pricing of $48. Secondly, gold is easily sold, therefore is often the first thing to be sold now if liquidity is needed - we see its price often drop on events that used to cause a rise. Thirdly, over the very long term I think that gold has no relevance to the younger generations of today. It is still appreciated by people who experienced the aftermath of WW2, and the cold war, but if you ask anybody younger than 30 if they would own it, you'll probably get a blank stare. This means it's very long term demand may be non existent... Best value for gold is that of a currency that no government controls, but even that is on its way out with bitcoin et al.
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