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The Volatility of Gold
Diamonds have been left alone for decades as a large, in part of that time, monopoly provided commodity. But like gold, the job of a hard asset is not to create yield; it's to create stability and hedge against inflation. And what we look at is what happened when gold was financialized: It corresponded with about a 5X increase in the price of gold. The correlation may not go up until that position building period is over but we think there could be a very, very significant price impact.