In 2022, central banks added record amounts of gold to their stashes, more than in the half century before that (at about 1100 tons added). private household gold demand was up 34% in Q1 2022 vs Q1 2021. a run on gold all around.

In the same time period, the price of gold changed ... from around 1690 at the beginning of 2022 to about 1670 at the beginning of 2023. Let's call that even.

How did this huge, enormous demand spike lead to a flat price on the trading floor? In the context of the question above, I'll let you guess.

The Blackrock ETF is an institutional attempt to do the same to bitcoin.