Thought I'd share this post on X by Tavi Costa, which does a great job at summarising the bull case for gold. China and most of the BRICS countries are pivoting away from US Treasuries, into gold. This is de-dollarisation in action.
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Thanks for sharing. I've noticed that too, and think it explains why the price of gold is rising even as the yield on US government increases.
Historically, the price of gold and the yield on U.S. Treasuries were negatively correlated. But these patterns suggest that this could change.