Will gold trap you again? Reviewing nearly 40 years, every deep correction has had very consistent reasons. It's not a collapse of faith, but a shift in capital flow. 80–82: High interest rates, disappearance of safe-haven demand. 08: Liquidity crisis, survive first and then talk. 12–15: Stock market + real estate market became larger reservoirs. 16: Rate hike expectations, capital withdrew in advance. Gold never actively tricks people; it is only favored when there are no opponents. The only current question is: Will interest rates stay low for a long time? Is there a larger reservoir that can absorb this batch of capital? If not, then gold is not at a top, but merely forced to stand in the spotlight.