We often talk about the supply, demand, price equation in a market where hundreds of trillions of dollars worth of ‘paper assets’ try to buy the meagre (now) $8 trillion of gold or more importantly $1.5 trillion of investable gold. You can’t simply change the supply of gold. Period. That leaves price as the only parameter that can adjust to fit that all in. It has been some time since we shared Exters Pyramid but it is timely to do so again now.
