Shaokai Fan returns to Kopi Time to talk about gold’s recent journey through inflation spike, war in Ukraine, weaponization of the USD, monetary policy tightening, and soaring interest rates. We talk about supply conditions, ongoing reforms to add greater transparency and sustainability, and the structure of the gold market. Shaokai then sheds light on the evolving nature of gold demand, both cyclical, as China and India come out of the pandemic, and structural, as individuals and financial institutions consider gold as a geopolitical hedge. Immensely fascinating.