The answer is that when someone wants to dump a lot of gold, they hire a company to reach out to doomers and sell them gold.
Same for used time-shares, investments in farms, etc.
Gold is liquid, and the vast majority of it is not held for investment purposes. That is, even if you convinced some people to invest in it, it would not matter much regarding the price.
And consider the costs involved in getting people to actually consider and then act on this recommendation?
But if you have a reference link that refutes this, please provide it.
“Vast” may be going too far.
Each year, gold acquired for investment or by central banks is about the same as that acquired by the jewellery industry.
Not the greatest link, but a section down the page shows gold demand in 2022 was jewellery 46.58% and investment plus central banks 46.85%. Tech makes up the remainder. I’m sure a better googler could attain a better reference.
https://www.statista.com/statistics/299609/gold-demand-by-in....
For whole world gold holdings, the picture is similar with 46% in jewellery and 39% in either private investment or state holdings.
https://www.visualcapitalist.com/sp/chart-how-much-gold-is-i...
I suppose it comes down to perceptions of the words vast and investment. Some jewellery is held as investment, and state holdings are more than just investment.
Yes, they're entertainment. Some people invest in the market for long-term returns. Same savvily trade short-term effects. Others are there to gamble, and their gains are first and foremost hedonistic. If you're playing the game to play, anyway, why not have a sassy MC? (To be clear, I have nothing against gambling. I do have a problem with promoters who muddy the line between it and investing by repeating conspiracy theories.)