On the stock market, mines often change gold into lead. Analysis of the 15 S&P 500 bear markets since 1928 shows that on average, the broad American index fell by almost 35% during these phases, while gold rose by 9% at the same time.
Central banks are increasingly purchasing. In 2023, as in 2022, they acquired more than 1,000 tonnes of the yellow metal, which represents a doubling of the pace of their purchases compared to the average for the decade 2010.