Gold Sees $22B Inflow in Three Weeks as "Currency Debasement Trade" Rapidly Crowds; How Far Can This Rally Go?

Weakening dollar and debasement expectations resonate, with Bessent's "save Treasuries" move unexpectedly igniting gold's rally. Over the past three weeks, gold futures have seen record inflows exceeding $22 billion, with positioning quickly turning crowded. Wall Street warns that gold has shifted from fundamentals-driven to momentum-chasing, and hawkish signals from Jackson Hole could pose a short-term pullback risk.