Gold is down over 6% in a month, but the supply of Tether Gold is up 17%.

That growth didn’t come slowly, it came in three big blocks between Sep 26 and Oct 7, about 107,000 ounces in total, which looks more like a few large buyers than a crowd.
Then gold broke under $4,000 last week, and XAUT holders barely moved, only about $100K was redeemed from a token worth around $3B.
PAX Gold grew just 2% over the same month, so almost all of that new demand went to XAUT.
So most of the buying happened before the drop, and when the drop came, nobody rushed for the exit.
Would you add gold here, or wait for it to bounce first?