No matter how the US dollar was printed in the global economic recession and financial crisis, it basically rose, accounting for most of the global trade settlement, resulting in the largest stock of US dollars and the best market liquidity. In a crisis, when the liquidity of institutions is tight or exhausted, it is the US dollar that is the easiest to obtain. Institutions need dollars, and assets flowing in the form of global entities are only a fraction of intangible assets. Intangible assets are only as big as dollars, and assets with this ability flow into the dollar market to buy dollars.

Gold has not fallen sharply, but it has the property of hard currency hedging. When the risk sentiment rises, the risk preference decreases. You said that this should be a small decline in stages, because gold is denominated in dollars, and gold is also rising for the above reasons, but the dollar is rising more, which gives you the illusion that gold is falling. For example, the dollar and Kim Jong Il race in the same direction. Dollar 200 kilometers per hour, gold 150. From the perspective of the dollar, gold fell, but other assets rose.