First published by Money Metals Exchange here: https://www.moneymetals.com/news/2023/01/09/as-the-dollar-falls-metals-will-rise-002654

Precious metals did well compared to other assets in 2023, but not as well as many goldbugs expected given the highest price inflation in decades. The anemic price action was another indication of artificial forces in the markets and broken price discovery. Trading algorithms were not programmed to buy metal when prices rise for real world goods and services. They responded instead to the dollar’s strength or weakness in the foreign exchange markets.