Have You Been Fooled By This Chart? QE vs Gold

Has central bank QE really caused gold prices to soar?

Here is another famous chart, circulated widely around financial circles ever since the modern Fed first employed QE in 2009.

The chart shows gold prices soaring along with massive increases in bank reserves, the idea being that the Fed’s massive “money printing“ has led to the debasement of the USD relative to gold.

How true is this?

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