World Gold Council: Gold’s annualized return about 5%

The report's framing of hard gold as the future signals a structural pivot in Chinese jewelry retail, moving away from traditional high-premium pieces toward more design-led, cost-efficient products. This matters because China is a major demand driver for physical gold, and if retailers align inventory with this trend, it could reshape consumer purchasing patterns and margin dynamics across the sector. The involvement of major chains like Chow Tai Fook adds weight to the projection, suggesting coordinated industry adaptation rather than isolated bets. The open question is whether this shift accelerates gold's role as a consumable product versus a pure store-of-value asset, and how that rebalancing affects downstream demand stability.