Gold....a chain analysis
1/ Money goes from rrp to treasuries.
2/ US govt gives money to citizens.
3/ Citizens buy stuff from China.
4/ China buys us treasuries.....well...not any more.
5/ China buys gold....as do other CB's.
And gold lives happily ever after....for the moment.
Gold has become a currency substitute and a preferred balance sheet asset for CB's.
It's a high trust asset for a low trust world.