1. Due to the gradual recovery of the US economy, among the four major economies of Central Europe, the United States and Japan, the US economic growth is a foregone conclusion, and a large amount of global funds have returned to the United States, so you can see that US stocks have hit record highs. The reaction to foreign exchange is that the euro falls against the dollar, the dollar rises against the yen, and gold falls against the dollar.
2. It is not physical purchase that stimulates the gold bull market. Looking at the trend of gold in the past few decades, whether it is a bull market or a bear market, it is the result of speculative capital operation, so I don't believe that buying in kind can change the trend of gold. However, the impetus to stimulate the rise of gold in the past decade has disappeared, and the interest rate in the United States has reached zero. It is impossible to cut interest rates again, and there is only room for raising interest rates. QE has become a laughing stock. The last round of decline after gold surged to $65,438 +0.780 last year shows that QE has been unable to support the rise of gold. Unless the big economies such as the United States and Europe come up with new stimulus measures, please note that such stimulus measures must be coordinated globally before gold can rise. Many people think that gold should rise when Japan consumes too much yen, but the opposite is true. The reason is that gold belongs to the whole world, and a country has insufficient energy.