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.
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.