(https://www.marketwatch.com/story/china-has-been-buying-the-gold-dip-and-these-analysts-say-a-comeback-is-brewing-6b0400d3?mod=mw_rss_topstories), and the mainstream take is that this signals a commodity recovery. Wrong angle. Beijing's gold purchases are geopolitical de-dollarization, not a growth bet. Each dip they buy is insurance against sanctions regime creep and Treasury bifurcation.

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