Gold and inflation: myths and realities

Gold bars and a price chart, gold and inflation

Gold protects against inflation, so the saying goes. Over two thousand years, yes. Over the last fifty, inflation explains only 16% of its moves. The real link runs through real interest rates.

Global gold demand firms up

Gold bar surrounded by old gold and silver coins

Jewellery demand in the United States is at a twelve-year high and Swiss gold exports to China are back above 75 tonnes: two signs that final demand is following the gold price up.

Gold Reserve, achat d'or et d'argent physique