Gold isn’t an investment. It’s a signal.

Jun 12

Evaluating gold like a stock is a category error.

It produces no cash flow.

So its value must come from somewhere else.

That “somewhere” is:

• Real rates

• Currency trust

• Geopolitical risk

World Gold Council data:

• Central banks bought ~863 tonnes in 2025

That’s not speculation.

That’s positioning.

Historically (Damodaran):

• Strong during inflation regimes

• Weak during stable periods

Conclusion:

Gold is not for growth.

It is a hedge against system instability.

Question:

When central banks are buying aggressively… what are they preparing for?

They Taught You Photosynthesis. They Never Taught You This.