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Gold’s price is no longer behaving the way investors were taught. The old model jewellery demand, Western investor flows, ETF speculation, and real yields have broken down. Something far bigger has taken its place.
For the first time in modern history, the largest buyers of gold are the ones who do not care what it costs.

Special thanks to VBL on the GoldFix Substack, whose deep analysis of SocGen’s and Deutsched Bank’s research notes both inspired and heavily informed this entire discussion. Check out the GoldFix Substack. 
Central banks, sovereign institutions, and state-linked entities are accumulating gold as insurance against the consequences of their own policies, not as an investment trade.

In this video, we break down:
– Why gold now behaves like an asset with inelastic demand
 – SocGen’s breakthrough research on fractured elasticities
 – Why does jewellery demand no longer drive the price
 – How bars & coins have become amplifiers, not stabilisers
 – Why Western ETFs now follow price instead of setting it
 – How Chinese gold adoption signals internal monetisation
 – The weakening pillars of the post–Bretton Woods dollar system
 – Central banks repatriating gold & building domestic vaults
 – Why is official buying becoming price-indifferent
 – The “death of synthetic gold” and rise of physical flows

Gold’s rise is not about excitement, speculation, or fashion.

It’s about a global monetary order losing trust in itself and turning to the one form of collateral that cannot be printed, frozen, or politically impaired.

Gold is not reacting to markets. Markets are reacting to gold.

And the implications for investors are enormous.

Video Length: 00:14:11

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