New ATH for gold because Trump is artificially lowering the interest rate on US Treasuries. The interest is a substitute for risk, but the risk is going up, while the interest paid goes down, so people prefer to save in rocks.
Discussion
Since October 2023, the US has admitted that they can no longer fund their budget deficit with regular long term T-bills.
No one wants to buy long term sovereign debt anymore, so they're moving to rocks, and part of it goes to bitcoin hence the methodical pump to 100k we've seen since that time.
