An analysis I saw today pointed out that in the age of fiat money, the problem is thatA new all-time high is usually an intermediate top signal that signals a major upcoming highThis is followed by a long sideways trend that could last for several years. 
As the chart above shows, both the highs set in 2011 and the highs set in 2020 ended up in triple digits** after a failed breakout of an important resistance area. And when we look at it from another dimension, after hitting a record high in 1980, it actually took a full 28 years to reach a new high in name. Why nominal? Because if we go through inflation adjustment,At this time, the gold price still did not exceed the highs of the 1980s($2,590 oz, as shown in the chart below). 
There is a view in the market that the price of gold is actually "3D" driveni.e. currency depreciation, deficits, and debtIt is precisely because of this triple factor that has continued to spiral out of control over the past few decades that in 1971, when the Bretton Woods system ended, 1 ounce** = $35, and now in 2023, 1 ounce** = $2,030, a 58-fold increase in nominal value in about 50 years. So, from this year to the present, the reason why gold prices have been able to hit new highs is that the market has begun to vote with its feet on fiat currencies (mainly the US dollar)? Or we can say that this year a fourth "d" can be added,i.e. de-dollarization. If we go back in time to 5 years ago and talk about the end of the hegemony of the dollar, it may be the craziest thing in the world; But today, 5 years later, de-dollarization is no longer something unthinkable, but a fact that is already happening in the market. First, the impact of the epidemic. The massive release of water by the central bank has magnified the deficit, causing subsequent inflation, and aggressive interest rate hikes to reduce inflation have further worsened debt. The deterioration of the debt outlook, in turn, leads to the depreciation of the currency. Second, the financial system is becoming more advanced. The West's endless sanctions against Russia, Afghanistan, Iran and other countries have met with backlash, shaking the foundation of countries holding US dollar foreign exchange, and many countries have purchased a large amount of ** to prevent Western financial attacks based on security considerations. Third, the second option of the world. The rise of a big country in the East has given many countries in the world a second choice, such as not needing to take sides in the geopolitical conflict between Russia and Ukraine, and being forced to choose a side in the Palestinian-Israeli geopolitical conflict, or for example, after being sanctioned by the Western financial SWIFT nuclear sanctions, they can still maintain their own external circulation through currency swaps. The BRIC countries are already planning an alternative system, where transactions that were previously settled entirely in dollars are now increasingly settled in other currencies - including**, even cryptocurrencies. After the fierce fighting in the past 2 days, the market first lured the bulls to slaughter the bears, and the backhand was slaughtering the bulls, and today's fluctuations instantly became a lot quieter.
I believe that the readers in front of the screen will gradually understand why I have been constantly reminding you of the risks of over-optimism in the last week.
After all, there will be a process of de-dollarization around the world, and it will not and cannot be achieved overnight. Not only will the dollar not capitulate, but it even has a great possibility of launching a comeback, otherwise I would not have stressed to you that "the dollar is late." "For you bulls, the next real enemy to face is the Federal Reserve.