>>512114774
That's the beauty of it all, it doesn't have to.
M1 only exists for actual use as domestic currency, I hope you don't really believe they send boats full of dollars for international transactions between states.
All that counts is other countries buying up US bonds. With how the yields are spiking, that trend is ebbing off, but not enough yet.
Every bond they sell contributes to exporting away inflation to other countries to hold the bag. Every US Dollar in circulation represents a broken promise.
For the gold price to supercharge, you'll need investors to find out they're holding a bag with a broken promise in it.
In the real world, all the investors know this, most are however heavily scared of the consequences of shedding their bonds. We're talking big players, Japan and China on the forefront. When you see THEM tossing US bonds, you know the game is up. China especially does it in small doses to keep the retaliation to a minimum.