real costs are the cost of capital because it's a capital intensive business. And then the so-called social costs, social license, rent, tax, those types of things. And I could only wish those were cyclical. They only seem to go up. It seems that for most other sectors, the endogenous factors dominate in terms of determining price. But in the case of gold, it always seems that every conversation about gold really focuses on exogenous factors that drive the demand, like monetary policy, pandemics, QE, financial crises. I wonder with respect to gold, to what degree is its price determined by endogenous factors, which I imagine would be pretty much isolated to the supply side. And then how much of it is really exogenous forces that basically lead to conversations like the one we started this episode with, which are macroeconomic? In my experience, both are important. But because remember that gold is at once a consumer good in the form of high work index jewelry, and it's also money. So (20/45)
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