Mohamed El-Erian (former head of PIMCO and former manager of Harvard's endowment) on Bloomberg: "Smart people are replacing a portion of the US Treasuries, in the risk-mitigation part of their portfolios, with high-grade bonds and gold." El-Erian says gold is becoming to have multi-faceted value, analogous to 'big tech'; it's defensive, it's a reflationary trade, it's inflation protection.
OTOH, we have JP Morgan's Anastasia Amoroso, saying JPM is selling calls on gold, because real yields on US Treasuries have stopped dropping (albeit at lower than -1.0% LOL). Does recommend holding gold, just saying calls are underpriced.