Yup. 10% industrial, ~45% jewelry, and ~45% bullion. Jewelry's use of gold is speculation just like bullion. People want gold or other precious metals in jewelr

Yup. 10% industrial, ~45% jewelry, and ~45% bullion. Jewelry's use of gold is speculation just like bullion. People want gold or other precious metals in jewelry not because they provide the best physical properties at a given price-point (there are many superior alternatives), but only because such materials are expensive, ie. they speculatively assume the high prices will stay high and/or continue to appreciate.