In short: Source, not a pick: the UBS family-office study quoted in the report is what sizes the institutional gap — family offices hold just 2–3% gold, "that's not a hedge, that's actually pocket change."
39:22their behavior. And we are quoting a couple of studies in the report. For example, the UBS study that focuses on family offices and they now have between 2 and 3% gold allocation. So that's not a hedge, that's actually pocket change.
39:46Pension funds hold less than 2% gold. We know that most insurance companies couldn't care less about gold. We know that most of the generalist investors couldn't care less about gold. So all those topics that we are discussing for ages, they haven't really arrived on Wall Street yet.
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