with dollar hegemony falling, i realized (late) that gold rallying was not a risk off signal. very clear now, the metals trade is risk on, with an unusual driver. the reserve currency cat is not going back in the bag, so how will the Emperor enrich his burgers? what asset do they own other than greenbacks?
its not everyday you see btc/xau 20% below the wk200, and heavy risk on environments have had the same favorite industry for the last decade
