The gold market is not behaving as a natural market. There are several relationships, demonstrated by charts in this article, that show extreme imbalances.
https://sprott.com/media/258481/7-2013-MAAG.pdf
Tax-Efficient Investing: How the Right Strategy Saves You Hundreds of Thousands
Effective compounding and tax minimization are not competing goals. They reinforce each other. The discipline that drives superior long-term compounding uses aggressive risk management to minimize drawdowns and so also
