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Not hating on gold BUT. Gold demand highest on record for 2023 yet price has moved from ~$1900 to ~$1945 this year. Yes there was a spike to $2050 or so but didn't hold. What am I missing?

https://schiffgold.com/key-gold-news/central-bank-gold-demand-in-first-half-of-2023-was-the-highest-on-record/

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Discussion

₿harat 2y ago

The price is manipulated by trading in paper gold as far as I understand.

Luffy 2y ago

Seems to make sense. Wondering if btc heading down the same path with ETF. I'm a noob and don't know much about it I'll admit.

₿harat 2y ago

Very good question Justin. I hope it’s not the case but time will tell.

cryptoshi2k21.bitcoin 2y ago

I think that this helps explain the price increase on Gold in 2023.

https://www.irsteel.com/en/news/66208/BRICS-Nations-Buy-Massive-Amounts-of-Gold-to-Back-the-New-Currency

Luffy 2y ago

Yes I am aware of the move by BRICS but its just amazing that there has only been such a small price increase. sorry didn't really write that point clearly.