The gold market of late illustrates reflexivity: price moves influence fundamentals, validating the move itself and creating reinforcing feedback loops. Rising prices drew investor attention to gold as a safe asset and store of value, increasing investment demand, which has led to more buying. Demand from investors overwhelms any loss of price-sensitive jewelry demand. Combine this demand profile with a product that has highly inelastic supply and there is no such thing as fundamental value. Prices keep moving up until the reflexive loop eventually exhausts itself, as it did today (at least in the near term).