Demand should also be strong, as one in five central banks intend to increase reserves over the next year, according to the World Gold Council.

... But few asset classes are quite as controversial as gold, bitcoin, and other alternative monies. Some people literally put every penny they have into them and trust nothing else, while other people can’t possibly see why they hold any value at all.

The weekly chart shows that prices moved higher and continued a long-term bull flag pattern that is a pause that eventually refreshes higher.

Dimon waded into the debate on whether higher inflation is a result of temporary aspects of the reopening or if it could be more lasting.

To put this into context, this volume of gold swaps exceeds the 504.8 tonnes of gold held by the European Central Bank. Only 10 countries report higher holdings of gold than the ECB.