The vast majority of gold speculation (well before blockchains existed) is not based on the actual price of gold, but rather what $EXCHANGE says is the price of gold. Very few gold investors are holding physical gold.

The actual spot price varies city to city and even dealer to dealer, just like any other physical commodity. But because gold is relatively liquid it is unlikely that this difference is too big, otherwise it allows for an arbitrage opportunity

That’s an interesting comparison, since that’s basically the game commodities traders are playing. Guess the price of oil (of this specific type for delivery at this specific place and time that generally - but not necessarily - align with an idealized “price of oil).

I suspect deep understanding and clever interpretations of those specifics in crypto will be rewarded. Though crypto has the added excitement that, as here, poor understanding and interpretation result not just in loss of value but it’s destruction!