Market · What Moves the Price
Why gold moves, explained.
Inflation, real rates, central banks and crisis — the forces that actually set the gold price, separated from the noise that doesn’t.
If you read one thing first
What Drives Gold Prices? The Complete Framework
Discover what drives gold prices — from real interest rates and dollar strength to central bank buying, inflation, geopolitics, and market sentiment. A complete analytical framework.
Read the price framework →Economic Drivers
3 stepsThe forces that actually move the price — read in order, or start with whichever question brought you here.
Understanding What Drives Gold Prices: A Complete Framework
Comprehensive analysis of gold price drivers: real interest rates, central bank buying, dollar correlation, inflation, and geopolitical factors.
Read step one →The Real Relationship Between Inflation and Gold Prices
Discover why gold’s inflation-hedge reputation is misunderstood. Learn how real interest rates, not CPI, drive gold prices and when gold actually protects against inflation.
Read step two →Interest Rates and Gold: How Monetary Policy Moves the Gold Market
Understand how interest rates affect gold prices. Learn why real rates matter more than nominal rates, with historical case studies from 2011 to the 2022-2024 rate cycle.
Read step three →Gold rarely moves on its own — it is the mirror in which inflation, real rates and fear all appear.
Currency & Policy
4 piecesHow central banks, the dollar, and monetary policy translate into the gold price.
The Dollar-Gold Relationship: A Historic Correlation Breaks Down
Explore the historic breakdown of the dollar-gold inverse correlation in 2024. Learn how de-dollarization, central bank buying, and fiscal concerns are reshaping this relationship.
Read → PolicyCentral Banks Are Reshaping the Gold Market Through Unprecedented Accumulation
Explore how central banks have become gold’s dominant demand driver with record purchases exceeding 1,000 tonnes annually. Learn why this structural shift supports prices even as traditional correlations break down.
Read →Gold Reserves by Country
The full World Gold Council ranking of national gold holdings — who owns the most, who is buying, and what it signals.
Read → PolicyMonetary Policy & Gold: How Central Bank Decisions Shape Prices
Learn how Federal Reserve policy, QE programs, and global central bank decisions affect gold prices. Discover why the traditional gold-rate correlation has broken since 2022.
Read →Global Events
3 piecesSupply, demand, and the geopolitics that can reprice gold in a single session.
Gold as a Geopolitical Hedge: How Crises Shape Prices
Learn how geopolitical events affect gold prices, from the 1970s oil crises to the Russia-Ukraine war. Discover why the post-2022 world represents a structural shift in gold’s role as crisis insurance.
Read → FundamentalsGold Supply and Demand: The Complete Market Analysis
Comprehensive analysis of gold supply and demand fundamentals. Learn how mine production, recycling, jewelry, investment, and central bank buying shape gold prices and market dynamics.
Read → CommoditiesGold in Commodity Markets: Monetary Metal in a Cyclical World
Understand gold’s unique position between commodity and currency markets. Learn how the gold-oil, gold-copper, and gold-silver ratios signal market conditions and why correlations are regime-dependent.
Read →Charts & Data
5 piecesThe numbers themselves — interactive history, reserves, and the long view.
768 Years of Gold
The full price record, nominal and inflation-adjusted, from medieval England to today.
Read →Gold Macro Dashboard
Gold against stocks, the money supply, the debt and real rates — four interactive charts.
Read →Gold’s Drawdowns
Every time gold fell in real terms, and how long it stayed underwater — the honest risk picture.
Read →World Gold Production
A century of mine output and the “peak gold” plateau that has held since 2018.
Read →The Scale of Gold
How much gold exists, made physical — every nation’s reserves as a cube you can picture.
Read →The Thursday letter
One email a month, the signal without the noise.
Clear, sourced analysis on prices, strategy and the forces moving gold — and nothing else.
Subscribe free →