In each area they’re bigger, that means that productive property (shares) are valued much less than non-productive , digital ledger entries, impostors of actual cash:
Gold ETFs in North Am are solely 1727 tonnes, 55M oz, price simply $110 billion. Or 0.3% of US inventory market, whereas at the very least 10% gold allocation is required to hedge inventory portfolio. Even worse, if we add fastened revenue.
What the above doesn’t cowl are fiat currencies. If we add them, productive actual property and actual cash (gold and silver) are veeery small – which is inverted freakonomics.