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From my point of view there are no fundamentals for gold:

- no revenues
- no earnings
- no cash flow


Well there is SOME cash flow, unfortunately it is negative, since you have to pay to store it.

But for something like gold, you could conceivably look at factors like inventory, monetary policy, cost of extraction, intention of central banks to sell reserves, etc. I still agree with you that the analysis will ultimately be pretty limited, since it is impossible to talk about the intrinsic value of something which will always produce only expenses and no income. But you might still call it fundamental in that it has to do with the business case for gold, whereas TA would look only at price patterns.

So for instance, when I have to decide whether to hold my cash in CAD or USD, I look at purchase power parity, and I figure that all other things being equal, I will tend to hold more USD because at least by one measure, the CAD is overvalued compared to USD. It's certainly not technical analysis. (Not that there's...)

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