**The best way to think about gold is really it sits between a commodity and an alternative currency. It trades much more like a currency. Bank for International Settlements actually advises banks to think about gold as a currency in terms of how they categorize it, because it because it has very specific characteristics particularly how it trades via the dollar and so we think about it as sitting between a commodity and currency. And I think that when you’re asking the question about price formation, clearly prices are formed in the future and the futures market. What we saw happen earlier this year, like with all commodities, was a disruption in the futures’ market in terms of the net long position declining significantly as speculative investors took down their trades in gold that affected the price. But then, what did we see on the back of that? We saw incredibly strong demand particularly out of Asia.
Kevin Feldman
Kevin Feldman
