SPDR Gold Trust (GLD)
Published 2026-03-17 • by greyrabbitfinance
Thesis Summary
The author suggests measuring assets in gold to understand their real value, arguing that fiat currencies are constantly being debased. He implies that gold preserves purchasing power better than other assets during periods of monetary inflation.
Quantitative Overlay
Detailed Deep Dive
To understand real wealth, we need a benchmark that cannot be printed or politically manipulated.
For most of human history, that benchmark has been gold and silver.
Unlike fiat currencies, precious metals cannot be created with a keystroke. Their supply grows slowly and predictably, constrained by geology rather than policy.
> The global stock of gold typically increases by only about 1.5–2% per year, a rate that has remained remarkably stable across decades.
This makes precious metals uniquely suited to answer a simple but powerful question:
Are assets actually becoming more valuable… or is the currency used to price them becoming less valuable?
...Gold and silver have played that role throughout monetary history.
They act as a kind of financial buoy… a reference point outside the reach of central banks and political expediency.
When we measure assets against sound money, long-term cycles suddenly become visible.
...Because in the end…
Nominal Is Not Phenomenal.