Gold is correcting because Turkey is in serious economic trouble and has been selling its reserve to shore up its currency. They sold almost 80 tonnes in the first 4 months and leased out another 80 tonnes. Russia also sold about 22 tonnes. Even other countries slowed down their purchase of gold because they were spending more on oil. But the underlying reasons these countries were buying are still intact. Its just the oil shock has strained their finances. So what gold does next depends solely on the Hormuz situation. Secondly, America is not a big consumer of gold so what the Fed does is largely irrelevant. China has been dumping the dollar since 2014 and Brazil and India started last year after mango slapped them with tariffs. [https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt\_table5.html](https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html) https://preview.redd.it/kyyh3gyccm8h1.png?width=1704&format=png&auto=webp&s=db384eb09ce7a74b0c36f00a68779fbbb4efe1f2

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