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Gold broke out to new highs on Friday: $3,237/oz. It is proving one of the prime beneficiaries of all the market mayhem, and no surprise. Gold is your hedge against government, and this is all a creation of government.Where to park capital? Equities are all over the place and will continue to be for the foreseeable future. With US authorities transparent about wanting it lower, the US dollar is not the safe haven it’s been since 2007 in market sell-offs. As for treasuries, they’ve become a weapon in the trade wars.Inert gold, on the other hand, is neutral. It doesn’t care which side of the trade wars, the culture wars, or any other wars you’re on, and at the moment, it seems everyone wants a piece.China, we learn thanks to the sleuthing of analyst Jan Nieuwenhuijs, bought another 570 tonnes in 2024. Who knows how much more it has bought in 2025? To put that 570-tonne number in perspective, the UK’s total holdings are 310 tonnes.Tell your friends.What’s driving it all?This move in gold started shortly after t