Gold has been on a historic bull run so far this year, and it may be unlike anything we’ve seen before. People are sitting on record amounts of liquidity, but very limited places to put that into use.

Gold fell more than 1% on Tuesday after briefly touching a record high of $3,500 earlier in the session, as comments by U.S. Treasury Secretary Scott Bessent hinting at a thaw in U.S.-China trade tensions fueled optimism in equities and strengthened the dollar.

Gold reached $3,500 an ounce for the first time Tuesday as US President Donald Trump's tariffs and verbal assault on the Federal Reserve prompted investors to snap up the safe-haven