There is one theory (if the china buying pause is anything like...

There is one theory (if the china buying pause is anything like correct - and that's questionable).
(Don't forget the arb difference between US and SGE etc. and why that might be so)

The Brics other members are still buying, India is repatriating its own, and buying... they are building their reserves for 'whatever reasons'. (sure that could be the dollar weaponisation, and downfall and all that entails, new gold backed settling mechanism, etc etc )

So the question to ask might be:
"Xi, can you back off a little mate, so we can join the party at reasonable prices - or at least make out that you are backing off? ".
(and chances are, if you make out that you are,, US fin markets will swallow it whole and we can load up a little .)

Sounds a little simplistic, and banal.. but who knows?

Just a thought..