In each and every area they’re higher, 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 best 1727 tonnes, 55M oz., value simply $110 billion. Or 0.3% of US inventory marketplace, whilst no less than 10% gold allocation is needed to hedge inventory portfolio. Even worse, if we upload mounted source of revenue.
What the above does now not quilt are fiat currencies. If we upload them, productive actual property and actual cash (gold and silver) are veeery small – which is inverted freakonomics.