Let's take gold and silver as examples (whether it's the physical metals, or their respective ForEx equivalents XAU and XAG). Traditionally, when USD falls XAU/XAG rises. When USD rises, they fall.
Is USD falling because it is becoming a less-demanded asset, or is it falling because there's just so much out there that the rest of the world is oversaturated with USD?
Usually XAU/XAG are good indicators, yet they've been tracking with USD for at least a decade or longer due to manipulation of "paper gold" and "paper silver" by the bullion banks. For a while starting in mid-March 2020 XAU/XAG broke through to regain more of their true market value. In 2021 both slipped back to their January-February 2020 prices.
During the early days of Russia's Operation Z in Ukraine, XAU/XAG rebounded in price to reflect their natural behaviors as safe haven assets. In recent weeks, they dropped back despite the situation transforming into a transition from Operation Z to World War 3, 21st Century style.
I don't have all the info I need to analyze events properly. I don't know how gold and silver are flowing specifically throughout the world beyond the obvious trend of making an exodus from West to East. I only know what the spot prices tell me. Something fishy or shifty is happening with the metals.
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