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Mainstream Gold Analysis is Fundamentally Wrong -- Here's Why

Market participants often describe the supply and demand outlook for gold as they would for oil or grains, or flow commodities. And with their marginal demand framework, it may appear that a fall in near-term demand for this `speculative commodity' presents a limitless floor to prices. Or as one trader put it, "gold has a big door in and little door out when fearful investors and gold bugs are the primary demand for this speculative asset [a `useless commodity' without income or yield], and there is always infinite ETF supply to be dumped onto markets when demand turns and the market goes `no bid'".
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