Topic

Gold and Silver

Gold has no yield and no earnings. It responds instead to the credibility of the money it is measured against, which is why central banks have bought it at a record pace since 2022.

Felix Nikolas Prehn looks at who is buying, the difference between paper claims and metal in hand, and how gold and silver have behaved in earlier periods of high debt and rising prices.

By Felix Nikolas Prehn, economist and former investment banker