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Well im no gold bug but people who invest majorly in gold have a philosophical position which is something they usually wont move from. Its not about "investing in gold" its about protecting your wealth and holding your money in a non-paper form.
I doubt many gold investors would really care if the gold price collapsed even to half the price overnight because theyre taking the position that the alternative is (in many cases) holding USD paper currency that they know is worthless. And if the market takes another view, they take the position that the market is wrong.
You see the point? And that position is reinforced when central banks around the world are also buying gold.
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