33. Stock-to-flow: a deeper look
The Bitcoin Standard Podcast
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The Stock Bar for Gold Is Lower Than It Really Is
The $27,000 worth of jewelry is not part of the stock pile. It's being held in industry and stuck in jewelry where it's not very liquid as gold. You can't just take that piece of jewelry with a few grams of gold and expect to sell the gold. So you could arguably maybe say the same applies for gold, the stock bar for gold would be should be even lower.
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