Ironically, while China has been the largest tailwind for gold...

Ironically, while China has been the largest tailwind for gold in the past two years, the biggest threat to the short-medium term gold price could also be China.

Should their real estate improve, consumers open their wallets a bit more, government does more stimulus, Chinese assets could start looking good again for many investors who had shunned them for the past two years and turned to gold instead.

And then when it comes to China itself, you have a government that has very clearly signaled its desire for reaccelerating growth. And basically, every month that comes by, you get new stimulus measures. And at some point, if these stimulus measures start getting traction, that means you have a lot, a lot of money on the sideline, money that perhaps has gone into other assets, whether you’re MAX seven in the U.S, whether gold, that could be redeployed pretty quickly in domestic assets.

Above from Louis-Vincent Gave of Gavekal Economics from an interview last month. He's got some perspectives that many in the West are not always clued in on, and definitely worth taking into consideration.