Chamath Explains Gold's All-Time High “I think it's a mixture of things. There's no panacea explanation.” 1) Net new buyers like Tether Gold 2) Macro funds buying gold instead of bonds or currencies (b/c they don't trust central bank policy) 3) Central bank rebalancing “Why is gold up?” “Gold is up because there are many more net new buyers.” “Who is the most important net new buyer? It's Tether.” “Tether has been issuing a stablecoin called Tether Gold, where they'll actually custody the gold on your behalf, and volumes of it are rising.” “At the same time, central banks are rebalancing.” “And then yet at the same time, you have a lot of macro funds that have essentially decided that central banks aren't to be trusted and they don't know what to do, and so they're not necessarily long bonds, they're not necessarily long currencies, and so they're long gold.” “So, I think it's a mixture of things. There's no panacea explanation.” “But if you had to put it into a couple buckets, it's net new speculation, net new stablecoin-related issuance, and a loss of confidence in central bank policy around the world.”