The hidden force behind the surge in gold prices is actually Tether. This year, central banks worldwide remain the largest buyers of gold. In Q2 and Q3, central banks collectively purchased nearly 400 tons of gold, while Tether's gold purchases accounted for a bit over 12% of that amount during the same period. Currently, Tether holds 116 tons of gold, valued at approximately $14 billion, which is comparable to the official reserves of countries like South Korea, Hungary, or Greece. Tether's demand 'may have tightened supply in the short term and influenced market sentiment, thereby driving speculative capital inflows.' Sometimes, you just have to admit that the impact of marginal buyers can be even more significant.