showing the extent to which gold is a favored store of value slash the growth rate of wealth as opposed to income/production (GDP), and what that implies about the value of gold as an investment and the forward interest rate. It’s much cleaner than how I’d been thinking about it before, and the logic likely extends (amusing graph: GDP-to-Bitcoin, world is clearly ending).
Sure, but we don’t expect a long-term positive trend in GDP/gold. If it’s roughly constant over the long term, the conclusion is “people’s attitude towards gold isn’t changing too much,” not “we aren’t getting richer after all.”
Sure, but we don’t expect a long-term positive trend in GDP/gold. If it’s roughly constant over the long term, the conclusion is “people’s attitude towards gold isn’t changing too much,” not “we aren’t getting richer after all.”