Where is gold price going? In their September 2025 paper entitled "Understanding Gold", Claude Erb and Campbell Harvey examine the investment characteristics of gold, its reliability as a hedging asset and the reasons why gold price is currently so high. Using data for gold, inflation, U.S. Treasuries, equities, commodities, reserve bank holdings and gold exchange-traded funds (ETF) as available during January 1975 through March 2025, they find that:
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