It hasn't been "natural" for decades. What's new is that many governments and central banks recently have changed sides on gold.
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7:59p ET Thursday, November 27, 2025
Dear Friend of GATA and Gold:
In excellent commentary today GoldCore's Jan Skoyles notes that demand for gold has become "inelastic" and the metal's price isn't 'natural' anymore because many governments and central banks have decided to increase their reserves irrespective of price to insure themselves against the ever-more-apparent failings of the international financial system they helped to create.
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Accordingly, Skoyles says, determination of the monetary metal's price is not the natural consequence of ordinary market supply and demand. Indeed, GATA would add, it has been decades since ordinary market forces determined the gold price, since before governments and central banks began deciding that they needed more metal at any price, they were largely cooperating in a policy of knocking gold's price down to protect the very financial system in which they now have lost faith, a policy documented and explained here --
https://www.gata.org/node/20925 [4]
-- and here:
https://www.gata.org/node/24226 [5]
Skoyles' commentary is 14 minutes long and can be heard at YouTube here:
https://www.youtube.com/watch?v=2Rh8GXDUH6c [6]
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [7]
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