Gold market is not a real market

[Bobby]

https://www.rt.com/business/513867-gold ... -not-real/


Gold market is not a real market, it’s a ‘paper market,’
investment manager tells Keiser Report Gold market is not a real market,
it’s a ‘paper market,’ investment manager tells Keiser Report —

Max Keiser interviews Lawrence Lepard of Equity Management Associates about price discovery and the national debt of the United States, which is now more than the country’s GDP.

There is no price discovery in gold, says Lepard, adding that “it’s a paper market.


Jump to 13:20

[Bobby]

From the video

13:20
" There can't be a clearer sign that price discovery
is impossible in this totally fake paper market.
Whilst fake paper gold is traded at $70 trillion a year,
annual mine production is a mere $213 billion."

18:39
"There are 100 paper contracts for every ounce of gold
that exists and I suspect that leverage is larger today"

[sprintcyclist]

.......... Worldwide gold demand amounted to 4,356 metric tons in 2019. Demand has been noticeably higher since the Financial Crisis. Many investors look to gold in periods of market turmoil because they believe that it holds value through recessions better than other assets.
Gold supply
The supply of gold depends largely on mine production. Production, in turn, depends on two factors. The countries with higher reserves of gold work harder to extract their gold when the price of gold increases, following standard theory that quantity supplied increases with ..............

https://www.statista.com/statistics/267 ... ince-2002/


Supply and demand = a real market

[Bobby]

.......... Worldwide gold demand amounted to 4,356 metric tons in 2019. Demand has been noticeably higher since the Financial Crisis. Many investors look to gold in periods of market turmoil because they believe that it holds value through recessions better than other assets.
Gold supply
The supply of gold depends largely on mine production. Production, in turn, depends on two factors. The countries with higher reserves of gold work harder to extract their gold when the price of gold increases, following standard theory that quantity supplied increases with ..............

https://www.statista.com/statistics/267 ... ince-2002/


Supply and demand = a real market

Sorry,
I'm not an economist.
I have to reply upon the experts in that video - in this case.

[sprintcyclist]

You need to explain WHY when there is a demand and a supply it is not a 'market.'

[Bobby]

The man interviewed in the video.

https://minesandmoney.com/speakers/lawrence-lepard/




Lawrence Lepard economist qualifications

Mr. Lepard runs Equity Management Associates, LLC, an investment partnership which has focused on investing in precious metals since 2008. His Fund invests in emerging gold producers and drill stories, as well as larger companies which show attractive growth and cash flow. Mr. Lepard is a Director of Rise Gold Corporation and Amarillo Gold.

Prior to EMA, Mr. Lepard spent 25 years as a professional investor and venture capitalist. From 1991 to 2004 he was one of two Managing Partners at Geocapital Partners in New Jersey which managed six venture capital partnerships, the last of which was $250 million.

Prior to Geocapital Mr. Lepard spent 7 years as a General Partner at Summit Partners in Boston, MA. Summit is a large venture capital and private equity firm.

Lepard holds an MBA with Academic Distinction
from Harvard Business School
and a BA in Economics from Colgate University.

[sprintcyclist]

You need to explain WHY when there is a demand and a supply it is not a 'market.'