Gold serves two distinct functions: (1) a play on emerging market growth (emerging markets are 2/3 of global physical gold demand), and (2) a call option on systemic breakdown (financial crisis, geopolitical collapse, etc.), with different drivers in different geographies and time periods.
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Speaker
Louis VangermeerschEvidence Quote
“gold at the end of the day is two things uh first and foremost it's a play on Emerging Markets ... the second function of gold which is the one that westerners typically focus on is it's basically a CO option on the world falling apart [38:44]”
Source
From Wedlock to Deadlock: The East-West Divorce - with Brent Johnson and Louis Gave— In Gold We Trust [EN]Created: 8/12/2026, 6:04:21 PM
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