Washington Blames China — But Gold’s Message Is Really About a Weak Dollar

What Bessent Is Saying — And Why It Sounds Convenient Treasury Secretary Scott Bessent recently suggested that the volatility in gold prices is being driven by speculative trading activity in China, noting that Chinese authorities have begun tightening margin requirements to rein things in. On the surface, that explanation sounds reasonable. Speculators can absolutely amplify short-term price swings. Markets overshoot. Corrections happen. But here’s the problem: that explanation only works if you ignore everything else that’s happening. And that’s exactly what my readers can’t afford to do. Volatility Is Not the Same as the Trend Let’s get something straight right away. Yes, speculation can create volatility. No, speculation does not create multi-year trends. Gold and silver didn’t rise to elevated…