> the reason why demand has gone up is because people want an alternative to U.S bonds That makes no sense since the amount held in US bonds is not that differ

> the reason why demand has gone up is because people want an alternative to U.S bonds That makes no sense since the amount held in US bonds is not that different. The only change is that the gold that people held has gone up in value. It's not different than holding Google and Apple stock, and when Apple stock goes up people say "oh, it's because people don't want Google stock". That's not true at all.