Yes that's a big part of it. Goldman said last month (when gold was at $3500):
> “We estimate that if 1% of the privately owned US Treasury market were to flow into gold, the gold price would rise to nearly $5,000 an ounce, assuming everything else constant,” the analysts said. “As a result, gold remains our highest-conviction long recommendation in the commodities space.” https://archive.is/2WjSc#selection-1491.0-1494.0
In terms of geopolitics, a lot of the demand has been driven by Asia, such as the Reserve Bank of India. The end of the petrodollar pact with Arabia hurt. https://archive.is/t2Ttm When USD went off the gold standard, that pact gave it oil as a leg to stand on. Now that's gone as of 2024. In 2020 the fractional reserve requirements for banks went to zero too. The only thing that gives the USD value is a faith in the American people, which is aged population that flouts its fiduciary duty to debt holders by debasing everyone's currency to fund their own retirements.
> “We estimate that if 1% of the privately owned US Treasury market were to flow into gold, the gold price would rise to nearly $5,000 an ounce, assuming everything else constant,” the analysts said. “As a result, gold remains our highest-conviction long recommendation in the commodities space.” https://archive.is/2WjSc#selection-1491.0-1494.0
In terms of geopolitics, a lot of the demand has been driven by Asia, such as the Reserve Bank of India. The end of the petrodollar pact with Arabia hurt. https://archive.is/t2Ttm When USD went off the gold standard, that pact gave it oil as a leg to stand on. Now that's gone as of 2024. In 2020 the fractional reserve requirements for banks went to zero too. The only thing that gives the USD value is a faith in the American people, which is aged population that flouts its fiduciary duty to debt holders by debasing everyone's currency to fund their own retirements.