Key caveats - High uncertainty: gold’s price is multi‑facto…

Key caveats
- High uncertainty: gold’s price is multi‑factor (real rates, dollar, risk appetite). Elasticity is regime‑dependent and non‑linear.
- Crypto isn’t a pure substitute: it also attracted investors who might never have bought gold; some of that capital may never have existed for gold.
- “Suppression” is contested; if it’s not real or not binding, the no‑suppression adjustment should be near zero.