That is for sure a reasonable basis for a fundamental theory of value for gold - that there is demand other than from investors, but that’s not revenue[1]. Reve

That is for sure a reasonable basis for a fundamental theory of value for gold - that there is demand other than from investors, but that’s not revenue[1]. Revenue is income generated by an activity or company. As an investor, you don’t get to benefit from cash arising from the demand for jewellery and industrial uses of gold without selling. The mark to market on your position should benefit but you don’t get cash. So for that reason it is still a negative carry asset (ie it costs money to hold on an ongoing basis). [1] https://www.investopedia.com/ask/answers/122214/what-difference-between-revenue-and-profit.asp https://www.investopedia.com/ask/answers/122214/what-differe...