[almusdives]

Definitely says something, but I'm not sure what. How are you interpreting this?

[Aloha]

not the OP - That gold is rarer than oil, and the supply is lower when compared to demand.

[almusdives]

I appreciate that this figure is showing that the relative scarcity of gold compared to oil increasing, but I'm not sure what it's saying, or is interesting beyond that? Is this reflecting a global shift towards natural gas rather than oil, or reflecting investors are particularly nervous since covid, for example?

Obviously, you can't drawn any hard conclusions, but I was wondering what the OP was thinking narratively when posting.