Even if other macro factors are negative (rising rates, rising dollar), the price of gold can go up if there is sufficient demand from physical buyers. Only a small amount is mined each year, so purchases of physical gold can drive the price up.
Goldmining output is relatively flat - it takes years/decades to increase it in times of high demand
The gold from shipwrecks that took place hundreds or thousands of years ago is still very very valuable and coveted. What other asset could hold it's value like that while under the ocean for hundreds of years?
Gold forced disciple on how much Central banks could print before 1971 (when Gold-dollar link was broken). They don't want to go back to this.
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