The investment characteristics of gold are rooted in the structure and dynamics of the gold market. 

Relatively inelastic supply combined with healthy demand growth is exacerbating the supply-demand gap.

This situation has resulted in positive price performance for a number of years. 

The availability of above-ground stocks in near-market form underpins typically low volatility.

The diversity of demand – both geographically and sectorally – is the basis for the lack of correlation between returns on gold and those on other assets.

The size and maturity of the gold market make it the second most liquid commodity market after oil.

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