You're right on one thing. There is a ton of money coming into the sector because of the uncertainty in the US economy. Which is driving the prices up. Gold and Silver has always been money, and monetary policy and it's paradigm is cyclical. If you know history, each empire had it's reserve currency that eventually met its demise. We're at the last leg of the Dollar's life. China created a gold backed yuan back in April, and you got Russia, and other major countries hoarding precious metals to hedge itself from the greenback. It's only a matter of time before the dollar is dethroned, and a new currency will rise. I believe it's going to be something tangible.
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Okay, but like, thr amount of gold China would need to back the valuation of yuan currently hasn't even been mined. In history. So, ever. The U. S. still holds more gold than China. I'm not going to check for this post , but its something like 7x what China holds. And at this point the U. S. is still the world leader in gold reserves.
Do you have a link to an article about the gold backed yuan?