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Matthew Piepenburg: Why is gold not rising?
By Matthew Piepenburg
Matterhorn Asset Management, Zurich
Friday, September 24, 2021
Many are asking why gold is not rising, as just about every other commodity makes new highs in the backdrop of inflationary tailwinds.
That's a very fair question.
Some are even saying gold is dead, a silly and "barbarous" old relic of ancient times, ancient math, and ancient common sense.
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Needless to say, we beg to differ, not because we are Swiss-based gold bugs, but simply. ... Well, let's explain.
For those who see history and math as guides rather than "barbarous" and outdated disciplines, their convictions regarding gold's role, and even price trajectory, do not wane or rise simply due to the paper price of gold.
To some extent, and despite Basel 3, gold remains openly manipulated by a handful of central and bullion banks that are terrified of gold's shine for no other reason than it embarrasses currencies (and mad monetary experiments) falling deeper into discredit.
But we track the movement of physical gold every day, and can say with blunt clarity that the paper trade in gold has zero to do with the those otherwise "barbarous" forces of the actual supply and demand of this precious metal. ......
For the remainder of the analysis:
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