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Who holds the purchasing power; the pricing of risks; the strength of the narrative consensus. Together, they determine the trend of gold.
The situation is: purchasing power is shifting east and expanding west; in terms of risk, the political factors of pricing are becoming increasingly adequate. In other words, when risks cannot be priced, gold is the best choice. The density of Consensus has been reinforced again by waves of increases.
Understanding gold means fully understanding the fiat currency system and which group ultimately holds the world's wealth.