The quintessential safe-haven asset and inflation hedge, used as a store of value for thousands of years. • Inversely correlated with the dollar — gold rises when dollar weakens • Inversely correlated with real rates (nominal rate - inflation) — falling real rates increase gold's appeal • Spikes during geopolitical crises and financial instability • Central bank gold purchases influence long-term prices Since 2024, massive gold buying by emerging market central banks (China, India) has pushed prices to all-time highs, also interpreted as a de-dollarization signal.