Although inflation was always an important driver of gold…

Although inflation was always an important driver of gold returns, this relationship weakened after 1990 as inflation was falling. Post-1980, real interest rates and real GDP growth became equally important drivers of gold returns.

— from Expanding Your Range (Growth/Change/Education/Learning/Habit) · Humble Investor: How to Find a Winning Edge in a Surprising World by Daniel Rasmussen

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