by Quant2011

In each area they’re bigger, which means that productive belongings (shares) are valued much less than non-productive , digital ledger entries, impostors of actual cash:

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seekingalpha.com/article/4594039-global-etf-market-facts-3-things-to-know-from-q1-2023

Gold ETFs in North Am are solely 1727 tonnes, 55M oz, price simply $110 billion. Or 0.3% of US inventory market, whereas a minimum of 10% gold allocation is required to hedge inventory portfolio. Even worse, if we add mounted earnings.

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What the above doesn’t cowl are fiat currencies. If we add them, productive actual belongings and actual cash (gold and silver) are veeery small – which is inverted freakonomics.