I hated this trade when it was being reposted every day and now we've all seen why.Correlation does not equal causation.Gold is a chameleon. Yes, at times it competes with bonds and yield is a factor but it's also a currency. What happened when those diverged?Russia invaded Ukraine and the west confiscated Russia's foreign sovereign bonds. It's also the time when the Fed lost control of inflation after long declaring it was transitory.Now Russia, China and other unfriendly nations with the US have undoubtedly learned there lesson. The bid for gold is surely coming from Asia and most likely China as it sells bonds and buys gold. But not just official sources, gold is highly prized in China an
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