It does but that is the first order effect only. You also have people buying gold because number going up means number goes up more. This has a positive feedback loop since the people buying for that reason also makes number go up, which sucks in more people. You also have people bandwagoning hyperinflation type scenarios without a plausible thesis, which results in I think much more hedging in this area than usual. I hadn’t seen hyperinflation as a topic break into the mainstream before. You also have opportunistic savvy speculation that is based on a perception of the perception of the people doing the other ones. And probably more scenarios since there are a lot of interactions possible at higher orders.

So like some of the increase in gold price is due to the decrease in dollar value, certainly, but it isn’t all of it, and at the present time I don’t believe it is near to most of it.