Today’s high real price of gold suggests that gold is an expensive inflation hedge with a low prospective real return. However, the financialization of gold ownership by exchange-traded funds may introduce a period of irrational exuberance.
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Today’s high real price of gold suggests that gold is an expensive inflation hedge with a low prospective real return. However, the financialization of gold ownership by exchange-traded funds may introduce a period of irrational exuberance.