First of all, the linkage between crude oil, gold and the US dollar is very strong.

So, let’s discuss the relationship between the three of them first.

Gold and the U.S. dollar are negatively correlated.

Based on my long-term experience in analyzing and guiding the gold, silver, and crude oil market conditions, the international price of gold is priced in US dollars, and is therefore affected by fluctuations in the price of US dollars.

The appreciation and depreciation of the US dollar will directly affect changes in international gold supply and demand, thereby leading to changes in gold prices.

On the demand side, gold is priced in US dollars. When the US dollar rises or falls, it will cause changes in the purchase volume of gold of the same value in other currencies, thus suppressing or stimulating demand.

Therefore, the price of gold will also change accordingly.

From a monetary perspective, both are hard currencies. When the risk environment and risk events stimulate risk aversion, it will promote the purchase intention of these two.

In times like "buy gold in troubled times", they often have a positive correlation.

Crude oil and the U.S. dollar are also negatively correlated.

Similarly, the international pricing of crude oil is also priced in US dollars, and fluctuations in the exchange rate of the US dollar will also have an impact on crude oil as mentioned above.

But the difference is that crude oil is a necessity.

The United States has a large number of crude oil export channels, and crude oil plays a role in industrial development.

When the U.S. dollar appreciates or depreciates, it also determines the supply.

This is used to control domestic capital circulation.

Therefore, the two of them are negatively related.

Crude oil and gold.

In principle, it doesn't matter.

However, both are affected by the US dollar, so in most cases they are classified as positively correlated.

Stocks reflect a country's macroeconomic situation.

Therefore, when the U.S. stock market rises sharply, crude oil and gold will be under pressure.

On the contrary, it boosted crude oil and gold rose.

Finally, gold and silver, which are only used as jewelry and a few industrial raw materials, are far inferior to crude oil as fuel and chemical raw materials in terms of commodity properties.

The former is not a rigid need, while the latter is undoubtedly a rigid need.

Therefore, when the stock markets of industrial giants like China, Germany, and Japan plummeted.

This will reduce industrial demand for crude oil.

This caused crude oil prices to fall.

The plunge of A shares in July, which caused crude oil to fall by nearly 10%, just proves this point.