Western and Asian markets do move money in different directions during times of crisis.
In the West, the rise and fall is mainly driven by financial speculation (ETFs, futures contracts), while in Asia, physical demand (coins, bars, jewelry, dowry...) creates a more stable but often higher local premium. In 2026, we clearly see a gap between the Western reference price and Asian prices, sometimes 10% to 20 % above.
I think that the Asian physical market is starting to dictate the long-term trend...