Goldman Sachs has compared gold to Manhattan real estate, citing limited supply as a key factor in driving up prices. Gold recently hit a record high of $3,700, reflecting its scarcity and desirability. The precious metal’s value lies in accumulation, not consumption, similar to Manhattan property. Supply and demand dynamics do not dictate gold prices, making it a unique investment.

Manhattan real estate is known for its high prices due to limited supply and high demand. The average rent is $5,620 for a 695-square-foot apartment, while the average home price is $1.4 million. Similarly, gold is limited in supply, with almost all mined gold still in existence. The comparison highlights the unique nature of both assets.

Gold buyers fall into two categories: conviction buyers like central banks and opportunistic buyers in emerging markets. These groups set the trend and provide a price floor for gold. Manhattan real estate buyers also fit into these categories, influencing market trends and fluctuations. The current hype around gold is expected to continue due to these factors.

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Read more at Yahoo Finance: Goldman Sachs says gold has more in common with Manhattan real estate than oil