Gold's Volatility: Is China Driving a Speculative Bubble? US Questions Role

• Gold prices saw a record high of $5,594 per ounce, followed by a nearly 10% drop, sparking debate on its safe-haven status.
• US Treasury Secretary Scott Bessent attributes gold's 'disorderly' fluctuations to turmoil in Chinese markets and speculative blow-off.
• Experts like Nicky Shiels and Ray Jia confirm China's significant role, citing increased retail and institutional investment, ETF holdings, and trading volumes.
• Shaun Rein suggests China's 'de-dollarization' efforts and investors seeking high returns are driving gold prices.
• Economists warn of a potential speculative bubble due to increased leverage and futures contracts in China's gold market, differing from traditional safe-haven investing.