Energy, metal, and agricultural commodities follow distinct logics: physical nature, storage costs, demand elasticity, and financial depth shape divergent cycles within a single complex.
Gold is not a conventional commodity but a latent monetary asset. Its price tracks real rates and monetary credibility more than headline inflation, with central bank flows now reshaping the market.
Crossing $3,000 per ounce in March 2025 is a major media inflection point, but analytically it does not reduce to a threshold — it signals the coexistence of three distinct macro readings that no available data can yet arbitrate among.…
Net seller until 2009, the global official sector became a structural gold buyer from 2022 onward, with annual volumes — roughly 1,080 tonnes in 2022 — doubling those of the prior decade. TL;DR Net seller until 2009, the global official…
Since the unilateral end of dollar-gold convertibility announced by Nixon on August 15, 1971, gold prices have experienced four major cycles and three regime shifts, each carrying its own macro reading. TL;DR Four cycles and three regime shifts have shaped…
The inverse correlation between gold and the 10-year TIPS yield is empirically documented over nearly thirty years, but it has never been a stable coefficient: it deforms and breaks according to macro regimes. TL;DR Gold's usually inverse tie to ten-year…
The inverse correlation between gold and the dollar is not a statistical coincidence but an international arbitrage mechanic anchored in the fact that gold is quoted in dollars on every global market. TL;DR Because gold trades in dollars worldwide, its…
The global reference gold price is not a single live datapoint but an institutional fixing produced twice daily in London, calibrated against a precise bar format and a precise delivery standard. TL;DR What retail sites show as one live gold…
Gold prices do not track inflation: they track the monetary opportunity cost of holding, itself driven by real yields, the dollar and — since 2022 — a long-dormant driver, record central bank buying. TL;DR Since Nixon ended dollar-gold convertibility in…
