Really interesting paper... so... what is the main driver of gold price? Maybe gold price is only reactive to FIAT currencies? To Inflation rates? Thanks for it!!

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Very well written. You might have mentioned that gold coins cost a little more than bars because of the extra processing and that price for gold is not necessarily the price for coins, or that coins are only a small fraction of all the gold (as evidenced in your chart) and therefore demand for gold coins has even less impact on the price than institutional demand and poor monetary policies of central banks which drive down the value of their fiat currencies relative to gold.

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A comment before reading this all, apologizes if it was corrected, or if I don't understand what i am talking about (likely).

1) Gold is money, not currency. Currency needs to keep moving to retain value (like a current), money doesn't. Think money is a unit of account for wealth, and wealth is high value items that do not transfer often. Otherwise it is a currency or a representation of value (think derivative). This is my understanding, and to me it makes sense (and is based on years and years of reading different perspectives--but I am very opened to being wrong if something makes more sense).

2) Gold was used as a currency with bullion banks and fractional reserves, but the central banks of the world have been transferring it (very very slowly) to money instead of currency, because money is a better reference point than currency.

Please feel free to correct me, just be nice, I am only an armature.

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