There is no single gold price. There is a London settlement number, a New York futures curve, a Shanghai premium and a jeweller's counter in Dubai — and the distance between them is where the market lives.
A tonne of good underground ore holds a few grams of gold. A tonne of discarded circuit boards can hold two hundred. So why is most of it still going into landfill?
A hallmark is one of the oldest consumer protection technologies in continuous use. It is also, on close inspection, a small masterpiece of institutional design — and it is being quietly eroded.
For roughly five thousand years, humanity kept returning to the same element to settle its debts. The story is less about greed than about the unusually boring chemistry of atomic number 79.